Soitec secures Investec Bank investment for 50MW CPV plant

French energy company Soitec has secured financing from Investec Bank for the construction of a 50MW concentrator photovoltaic (CPV) plant in Touwsrivier, South Africa.

The loan sum has not yet been disclosed and the companies said they expect financing arrangements to be finalised by the end of the second quarter of 2012.

In December last year, Soitec was selected by South Africa’s Department of Energy as one of its preferred solar bidders under the country’s independent power producer programme. The Touwsrivier facility will be Soitec’s first commercial-scale development under the scheme.

André Jacques Auberton-Hervé, chairman and CEO of Soitec, said, ‘With financing now in place, we are moving forward to provide South Africa with its first large-scale CPV renewable-energy plant. Following our previous construction of a pilot facility at Aquila and the 500kW CPV plant near Durban that helped to power the United Nation’s recent conference on global climate change, Soitec is helping South Africa to realise its ambitious renewable-energy objectives.’

At the end of last year, Soitec purchased a CPV manufacturing plant in California to serve the US solar market.

Copyright © 2012 NewNe

Tags: concentrated photovolataic, CPV, Investec Bank, soitec, solar energy

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