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Globeleq, a prominent independent power company in Africa, has successfully concluded a senior debt restructuring totaling US$37 million (ZAR682 million) for its 11MW Aries Solar (Aries) and 11MW Konkoonsies Solar (Konkoonsies) plants situated in the Northern Cape of South Africa. This marks another strategic move by Globeleq following the debt restructuring of several other projects in 2021 and 2022.
Led by Standard Bank Limited, the restructuring aims to reduce the cost of debt for the Aries and Konkoonsies plants, resulting in a significant drop in wholesale electricity prices. The initiative also enhances the capital structure’s efficiency, unlocking funds for shareholders to reinvest in the power sector and facilitating accelerated equity distributions to the Aries and Konkoonsies communities and BEE shareholders. |
