Refinance, Mandated Lead Arranger and Underwriter

Oct 01, 2017

Solar Capital was successful in refinancing its 90-megawatt (MW) Solar photovoltaic (PV) farm in De Aar, Northern Cape. Standard Bank acted as the Sole Mandated Lead Arranger, Structurer, Underwriter and Hedge Provider for this first-ever successful refinancing of a R2.2 billion renewable asset in South Africa. 

This deal was significant due to various negotiations with the Department of Energy (“DoE”), outgoing lenders and contractors under the confinement of the previously signed agreements. The negotiations led to the structuring of a refinancing gain-sharing mechanism with the South African Government, represented by the DoE as well as amendment and restatement of financing and project documents. This highly structured deal required the execution and implementation of an updated hedging strategy as well as additional mechanisms to mitigate any key residual technical risks some of which were prevalent at the time of the refinancing. 

Standard Bank’s technical deal structuring capability and deep understanding of the renewable energy industry facilitated the long-term refinancing of this key project. As renewable energy project leaders, we are active in renewable power projects such as solar and wind energy, and waste-to-energy projects.

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