French semiconductor manufacturer Soitec has secured funds worth ZAR1bn ($111m) to finance its 44MWp Touwsrivier project in Touwsrivier, South Africa.
The company raised the funds by placing the financing bond issued by CPV Power Plant No.1 Bond SPV.
Soitec Solar Division executive vice president Gaëtan Borgers noted that with this fund alongside selected equity investors, the company could now develop the 44MWp Touwsrivier project.
“Group Five, our EPC partner, has already started construction and the first of more than 1500 high efficiency Soitec CPV systems will soon be erected on the project site. Scheduled for completion by June 2014, Touwsrivier will be the largest CPV plant in the western world,” added Borgers.
A consortium consisting of Deloitte & Touche, The Standard Bank of South Africa, Trident Capital and Webber Wentzel Attorneys advised Soitec on the transaction.
Soitec CEO and founder André-Jacques Auberton-Hervé concluded saying, “The market for utility-scale solar power plants is the fastest growing segment today. Leveraging our world-class manufacturing facilities, we will continue to execute our pipeline of over 440 MWp and to develop new opportunities in South Africa and other high irradiance countries.”