- Globeleq restructures a $37 million debt for Aries and Konkoonsies solar plants.
- Standard Bank facilitates the financial revitalisation of these South African facilities.
Globeleq, an Independent Power Producer (IPP), restructures $37 million in senior debt for its Aries and Konkoonsies solar plants in South Africa. Operational since 2014, these facilities see financial rejuvenation through a deal with Standard Bank. Globeleq aims to cut electricity prices significantly by acquiring senior debt. The move establishes a more efficient capital structure for shareholder reinvestment. This follows Globeleq’s successful De Aar and Droogfontein plant refinancing in August 2021.
The 11 MWp Aries and Konkoonsies plants are vital in South Africa’s REIPPPP. Globeleq’s CEO, Mike Scholey, highlights a reduction of about 129 million South African Rand ($6.7 million) in electricity costs over the remaining decade. With this, Globeleq solidifies its position with a current 384 MW installed capacity in South Africa.