CPV Power Plant No.1 (Pty) Ltd
Power and Infrastructure Finance
Investec partners with Pele Green Energy in a unique refinancing of the Touwsrivier CPV power plant
Our role
Investec, as mandated lead arranger, partnered with Pele Green Energy (Pele) in the refinancing of its 44MWp concentrated photovoltaic (CPV) solar project in Touwsrivier in the Western Cape. The project, in which Pele is the majority shareholder, is one of the largest solar CPV plants in the world and the only one on the African continent.
It was built as part of Round 1 of the South African Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) and has been in operation for seven and a half years.
The transaction is unique in that it involved the refinancing of a JSE-listed project bond, the only REIPPP Project to have been funded in this way. The refinancing provides more favourable debt terms, in line with current market conditions, and reduces the tariff of the electricity sold to Eskom under the Power Purchase Agreement, ultimately benefitting the South African consumer.
Investec also provided grant funding to partly fund the development of a commercial hydroponic farm jointly owned by Pele and the Touwsrivier Community Trust (also a shareholder in the CPV Project) located at the project site.
About our client
CPV Power Plant No.1 (Pty) Ltd is a 44MWp concentrated photovoltaic (CPV) solar plant in Touwsrivier in the Western Cape. The plant was built as part of Round 1 of the South African Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) and has been in operation for seven and a half years. Its main shareholders are Pele Green Energy (Pty) Ltd (majority shareholder), the Public Investment Corporation (PIC) and the Touwsrivier Solar Community Trust (TSCT).
Pele Green Energy (Pty) Ltd is a diversified independent power producer that develops, owns, procures, constructs and operates power projects, including both small-scale embedded generation and utility-scale power plants in South Africa and other Sub-Saharan countries. The company has a long track record in the REIPPP program and is an established platform operating in key power generating sectors, with 1.3GW energy projects at various stages from development to operation.
