Sola Group receives ZAR400m financing for 40 MW solar portfolio

The South African solar developer, SOLA Group, has received financing from African Infrastructure Investment Managers (AIIM) and Nedbank Energy Finance for the development of a 40 MW solar photovoltaic (PV) portfolio. 

The ZAR400 million (US$26 million) financing will be used by the newly established fund of SOLA Group, Orionis, for the development of projects set to be backed via power purchase agreements (PPAs). The fund has already signed 15-MW PPA with several industrial companies. 

SOLA Group directly employs 50 full-time staff in South Africa and estimates the new 40MW pipeline will create a further 880 jobs in the future.