Solairedirect announced that it has closed a series of financings principally aimed at 12 photovoltaic 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 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 unsubsidized solar installations.
The projects raised equity from BlackRock, DIF (the largest Dutch infrastructure fund) and KGAL (one of the largest German asset managers for renewable energy assets), Old Mutual (largest Southern African insurance company), J&J (South African industrial and financial group).
The debt was financed by HSH Nordbank and Rand Merchant Bank.
The Indian project raised debt from State Bank of India the company added.