Globeleq completes refinancing of 31 MW solar PV project in Limpopo

Globeleq has completed a US$71 million senior debt refinancing of its 31 MW Soutpan solar photovoltaic (PV) plant in Limpopo Province, South Africa.

Refinancing the project lowers wholesale energy prices, generates a more efficient capital structure, releases funds for owners to reinvest in the power industry, and accelerates equity payouts to Soutpan's community and BEE shareholders. Standard Bank Limited, along with the project's initial lender, Vantage Green X Fund (RF) Pty Ltd, rled the restructuring of the debt.

Soutpan began operations in 2014 and Globeleq bought a majority stake in 2019. Globeleq has supervised operations and maintenance since then and created a plan to improve plant performance, efficiency, and safety.