SOLA, African Rainbow Energy reach financial close on two 100MW solar projects

CMS South Africa is proud to have helped bring two 100MW Solar PV projects, with Tronox Mineral Sands as the sole offtaker, to a financial close – the first of their kind.  

Since announcing the significant reform of lifting the license limit for distributed generation projects from 1MW to 100MW in August 2021, these Projects mark the first (of many) to come online under the new energy regulatory environment, making them the largest private power purchase agreements in Africa.  
 
CMS South Africa acted as legal advisor to the Development Bank of Southern Africa (as Equity Lender) on these Projects.  Other parties involved were the SOLA Group and African Rainbow Energy Fund as key equity investors and project sponsors, and Nedbank, Standard Bank, Development Bank of Southern Africa and Absa as the Senior Lenders.
 
We are so proud to have assisted with this landmark transaction and a big congratulations to all people and parties involved.
 
The CMS South Africa team was led by Bridgett Majola and Kabelo Dlothi and supported by Gavin Noeth; Sihle Bulose; Andre van den Berg;  Ramo Serumula; Karabo Kanapi; Pooja Pundit; Saieshnee Naidoo.