Globeleq completes a US$37 million debt restructuring for its 11 MW Aries and 11 MW Konkoonsies Solar plants in South Africa, led by Standard Bank Limited. The move lowers project debt, resulting in reduced electricity prices, increased capital efficiency, and accelerated equity distributions to communities and BEE shareholders. Operating since 2014 under South Africa’s REIPPPP, Globeleq acquired majority stakes in 2019, achieving over 99% availability since May 2021. The debt restructuring benefits Eskom and South African consumers, cutting power costs by ZAR129 million over the remaining ten years of the power purchase agreement.
Globeleq completes $37M debt restructuring for Aries and Konkoonsies PV plants
Globeleq’s fiscal prowess shone through in August 2021 with successful debt restructuring for Jeffreys Bay Wind Farm, followed by the Soutpan solar plant in January 2022. Image Credit Globeleq.
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