Globeleq wraps $37 million senior debt restructuring of solar plants

By Marisa Wong

Los Angeles, Jan. 18 – Globeleq said it completed a $37 million senior debt restructuring of its 11-megawatt Aries Solar and 11 MW Konkoonsies Solar plants in the Northern Cape of South Africa.

By lowering the cost of debt for the projects, the restructuring, which was led by Standard Bank Ltd., allows for a significant reduction in wholesale electricity prices from the plants, creates a more efficient capital structure enabling release of funds for shareholders to reinvest in the power sector and accelerates equity distributions to the Aries and Konkoonsies communities and BEE shareholders, according to a press release. Based in Johannesburg, Globeleq is an independent power company in Africa. Globeleq is owned 70% by British International Investment and 30% by Norfund

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