|By PR Newswire||
|November 13, 2012 06:41 PM EST||
JOHANNESBURG, Nov. 13, 2012 /PRNewswire/ -- The consortium consisting of SolarReserve a U.S. developer of utility-scale solar power projects; the Kensani Group, an experienced empowerment investment and financial advisory player in South Africa; and Intikon Energy, a South African developer of renewable energy projects, has successfully closed financing for two 75-megawatt (MWDC) solar photovoltaic (PV) projects. The Letsatsi Project and the Lesedi Project are located in the Free State and the Northern Cape, respectively. The projects were selected by the South Africa Department of Energy (DOE) in the first round of bids under the South Africa Renewable Energy Independent Power Producer Procurement Program (REIPPPP). Rand Merchant Bank (a division of FirstRand Bank Limited) acted as Mandated Lead Arranger and Bookrunner for the projects' debt funding requirements. Equity for the projects was provided by the IDEAS Managed Fund (managed by Old Mutual Investment Group South Africa), Kensani Capital Investments, GCL-Poly Energy Holdings, SolarReserve and Intikon, with Rand Merchant Bank providing preference share equity. Kensani Eaglestone Capital Advisory acted as financial advisor to the projects. International law firm Baker & McKenzie supported the project activities through its offices in Johannesburg and the United States.
Jointly yielding approximately 600 construction jobs and 100 permanent operational jobs, the two projects will provide rural development programs and education enhancement, as well as skills and technology transfer. The two projects combined are expected to generate an additional 2,640 indirect and induced jobs across the supply chain during the construction phase and 140 new indirect and induced jobs during operations. The two projects will set aside a percentage of total project revenues for enterprise and socio-economic development, amounting to a total of approximately ZAR 510 million (USD 59 million) over the life of the projects, which will be invested for the benefit of the local communities surrounding the projects.
"The successful financial closure of the first round of REIPPPP projects is precedent setting on a global scale and has once again demonstrated the South African Government's commitment to the enhancement of national infrastructure which will be a catalyst of economic development and job creation. Kensani and our partners congratulate the Department of Energy on an efficient and successful process and look forward to a positive partnership with Government," said Wandile Motlana, Chairperson of the Kensani Group. "Kensani applauds the South African government's large scale commitment to clean energy, and celebrates the exciting opportunities for empowering our rural communities," added Kelley Starke-Dow, CEO of Kensani.
The Letsatsi and Lesedi projects have each executed 20-year power purchase agreements with Eskom, the South African power utility, which ranks as one of the top twenty utilities in the world by power generation. The projects will jointly cost approximately ZAR 5.15 billion or USD 586 million, making these two of the largest project finance transactions ever completed in South Africa and among the largest renewable energy projects in Africa.
Daniel Zinman of Rand Merchant Bank said, "We are proud to be a part of these landmark projects which will not only produce clean, renewable energy, but will also bring hundreds of quality jobs to the region, thereby bolstering the South African economy."
"SolarReserve and its partners are pleased to be major suppliers of clean energy to South Africa, and we look forward to commencing construction of both projects, which will create jobs and provide further economic benefits for the region," said Kevin Smith, CEO of SolarReserve. "Financial close of these two South African projects marks a significant achievement for SolarReserve's international development and expansion. We have further advanced photovoltaic and solar thermal projects in development in the country under this progressive program initiated by the South African government, and look forward to continuing our work here."
Construction of the facility will be undertaken by a consortium led by one of the largest international contractors, ACS Cobra, along with Madrid-based Gransolar and South Africa's Kensani Energy EPC. Upon completion, scheduled for mid 2014, the projects together will power more than 50,000 homes with clean, renewable energy from the sun.
SolarReserve, LLC – headquartered in Santa Monica, California – is a developer of large-scale solar energy projects with activities worldwide. SolarReserve has commercialized the world's leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. SolarReserve's team of power project professionals have assembled an extensive 4,000 MW development portfolio of large-scale solar projects featuring its advanced solar thermal technology (also referred to as concentrated solar power or CSP) as well as projects utilizing photovoltaic technology. SolarReserve's lead CSP project, the 110 MW Crescent Dunes Solar Energy Project located in Nevada, started construction in September of 2011 and is the world's largest molten salt power tower project and includes 10 hours of full-load integrated energy storage.
For more information: www.SolarReserve.com
U.S. Media Contact: Andi Plocek, SolarReserve, [email protected]
About the Kensani Group
Kensani Capital was established in 1997 to support women in business and create financially independent entrepreneurs from the prospects emanating from economic empowerment. Since then, Kensani has grown to become a leading and experienced empowerment player in the Southern African infrastructure market. Kensani delivers a holistic solution to clients and partners, throughout the infrastructure value chain, including project and corporate finance advisory, empowerment equity investment, construction and operations and maintenance.
Media Contact: Coenraad Krige: [email protected]
About Intikon Energy
Intikon Energy is an international developer and owner of renewable energy projects in both the wind and solar sector. The proponents involved with Intikon Energy have developed in conjunction with international partners more than 250 MW of wind projects and 500 MW of solar projects globally. Intikon has a strong presence in both South African and Australian Markets.
Media Contact: Stephen Donnelly: [email protected]
About Rand Merchant Bank
Rand Merchant Bank (RMB) is a leading African investment bank. RMB offers innovative, value-added advisory, funding, trading, private wealth management and principal investing solutions. As the investment banking arm of FirstRand Bank Limited, RMB has a geographical footprint across 35 African countries, the UK, India, China, and the Middle East. FirstRand Bank Limited is the second largest listed banking group (by market capitalization) on the Johannesburg Stock Exchange (JSE).
Media Contact: Joandra Griesel: [email protected]
About Old Mutual Investment Group:
Old Mutual Investment Group (SA) (OMIGSA) is a multi-boutique asset management and investment business that offers clients access to a full array of investment offerings, styles and asset classes. It is one of the largest asset managers in Africa with nearly R490 billion in assets under management. The IDEAS Managed Fund focuses on infrastructure investments that make a significant contribution to economic growth and/or upliftment in the areas of core infrastructure, environmental infrastructure and social infrastructure. It is one of the leading providers of equity finance to the SA government's renewable energy programme.
Media Contact: Lynn Bolin: [email protected]; Tel: (021) 509 5667, (083) 443 0105
About GCL-Poly Energy Holdings:
GCL-Poly is one of the leading polysilicon and wafer suppliers in the world, delivering high quality and low cost silicon products to the solar industry. GCL-Poly is also a top green energy supplier in China, providing power and heat in an efficient and environmentally friendly way via cogeneration, biomass, incineration, wind and solar.
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 25, 2016 09:15 AM EDT Reads: 547
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 25, 2016 09:00 AM EDT Reads: 449
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 25, 2016 09:00 AM EDT Reads: 536
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 25, 2016 09:00 AM EDT Reads: 3,861
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Aug. 25, 2016 08:45 AM EDT Reads: 2,103
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 25, 2016 08:30 AM EDT Reads: 400
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 08:30 AM EDT Reads: 518
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 25, 2016 08:30 AM EDT Reads: 1,689
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 25, 2016 08:15 AM EDT Reads: 1,480
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 25, 2016 08:00 AM EDT Reads: 498
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 25, 2016 07:15 AM EDT Reads: 1,868
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 25, 2016 06:30 AM EDT Reads: 1,827
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Aug. 25, 2016 06:00 AM EDT Reads: 1,420
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 25, 2016 03:30 AM EDT Reads: 2,127
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 02:30 AM EDT Reads: 2,153