|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 Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 27, 2017 05:15 AM EDT Reads: 1,344
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Apr. 27, 2017 05:00 AM EDT Reads: 2,249
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Apr. 27, 2017 04:45 AM EDT Reads: 5,402
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
Apr. 27, 2017 03:45 AM EDT Reads: 3,699
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 27, 2017 03:45 AM EDT Reads: 1,550
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 27, 2017 03:30 AM EDT Reads: 770
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 27, 2017 03:15 AM EDT Reads: 1,165
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Apr. 27, 2017 03:15 AM EDT Reads: 2,124
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Apr. 27, 2017 03:15 AM EDT Reads: 5,963
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 27, 2017 02:30 AM EDT Reads: 1,465
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 27, 2017 02:15 AM EDT Reads: 834
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 27, 2017 01:15 AM EDT Reads: 1,501
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 27, 2017 12:45 AM EDT Reads: 619
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 27, 2017 12:00 AM EDT Reads: 9,138
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 27, 2017 12:00 AM EDT Reads: 733