News Article
Solairedirect raises 156 million euros to finance 12 solar parks
PV developer Solairedirect has closed a series of financing principally aimed at 12 PV solar parks (9 in France, 1 in India, 2 in South Africa) for a total of 156 million euros (60 million euros in equity and 96 million euros in debt), one the largest fund raising globally for unrelated solar power projects.
The closed transactions relate to the financing of 12 new solar parks, recently completed or under construction (99 MW for a total of 142 million euros) and the refinancing of solar parks currently in operation (14 million euros).
The new solar parks were developed as a result of tenders won by Solairedirect and/or feed-in tariffs at highly competitive levels, around 100 euros/MWh, a record for otherwise un-subsidized solar installations. This series of financing establishes solar power as competitive with other renewables.
This is promising news both for developed countries engaged in energy transition processes and emerging countries with fast-growing energy needs. This is also excellent news for the solar industry as a whole, which boasts great potential beyond the deep crisis it has faced in the recent past.
The financing's involved investors and financial institutions which rank among the most powerful and prestigious globally and in each of the countries involved:
- Equity (French projects): BlackRock (the world's largest fund manager with 3.94 trillion dollars of assets under management as of March 31st, 2013), DIF (the largest Dutch infrastructure fund) and KGAL (one of the largest German asset managers for renewable energy assets);
- Bank debt (French projects): HSH Nordbank (one of the largest German banks);
- Bank debt (Indian project): State Bank of India (largest bank in India);
- Equity (South Africa): Old Mutual (largest Southern African insurance company with 44 billion euros in assets), J&J (South African industrial and financial group founded by Mr. Jayendra Naidoo, cofounder of the COSATU trade union);
- Bank debt (South African projects): Rand Merchant Bank (one of the largest banks in South Africa).
