SolarReserve Gets $586 Million for South African Solar Projects
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SolarReserve LLC, a closely held U.S. solar-energy developer, closed on $586 million in equity and debt financing for two South African projects.
FirstRand Bank Ltd. led the debt funding for the Letsatsi and Lesedi projects, Santa Monica, California-based SolarReserve said in an e-mailed statement today. Equity financing, which accounts for 25 percent of the total, was provided by SolarReserve and its project partners, Kensani Capital Investments and Intikon Energy, along with IDEAS Managed Fund and GCL-Poly Energy Holdings Ltd.