RMB powers Pele Green Energy with refinance of equity stake in solar project

The challenge

The Touwsrivier CPV Solar Farm uses Concentrator Photovoltaic (CPV) cell technology as opposed to conventional photovoltaic panels found in the majority of solar farms globally. It is the only plant of this technology in the REIPPP programme.

Pele Green Energy, which also acts as the project asset manager, has had to manage the project’s unique technology, the replacement of the project’s operations and maintenance contractor which had been placed in business rescue, and the exit of the project’s international technology partner.

The RMB solution

RMB used its infrastructure finance expertise to create the right structure that enabled Pele Green Energy to refinance its vendor loan, thereby facilitating the exit of the project’s international technology partner. RMB, who acted as sole arranger and funder, partnered with Pele to provide the necessary capabilities to navigate these complex negotiations and processes, including the replacement of the project’s operations and maintenance contractor.

Proven results

Pele Green Energy owns shares in renewable energy projects with a nameplate capacity of 639MW. As the lead shareholder and asset manager of the Touwsrivier CPV Solar Farm, Pele Green Energy has firmly established itself as a leading South African IEP, not just in terms of black ownership, but also in terms of technical capabilities.