SOLA Group — a South African solar project developer, has inked a $26 million deal. They will leverage the funds to build 40MW commercial and industrial solar P.V. facilities across South Africa. They will also utilize the fund to facilitate the projects without help from electricity off-takers.
The company will spread the project across Durban, Cape Town, Port Elizabeth, Johannesburg, Polokwane, Nelspruit, and Ekurhuleni. The facilities will be built in collaboration with African Infrastructure Investment Managers (AIIM), and Nedbank Energy Finance. The partnership will enable them to provide affordable solar P.V. solutions to businesses who lack power security.
See also: Energy Startup, Solarise Secures Undisclosed Series A Funding
Chris Haw, Chairperson of the SOLA Group said that the partnership will bring together top experienced firms who will combine expertise to make clean energy solutions readily available in the country.
Mitech Pema, AIIM Investment Director said the investment in clean energy infrastructure is a crucial way to support the African economy.
The former Energy Minister, Jeff Radebe approved the National Energy Regulator of South Africa to license small-scale embedded generation projects from 1 M.W. to 10 M.W earlier in 2019. Reports have it that these solar facilities will pave way for extra 880 jobs in the future.
Deals such as this will aid commercial and industrial companies in accessing flexible electricity. This project will also pave the way for cheap power and greener energy.
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