SOITEC : South African Department of Energy grants final approval to a change in the financing structure of Touwsrivier 44 MW...
June 02 2014 - 2:06AM
Soitec (Euronext Paris), a world leader in generating and
manufacturing revolutionary semiconductor materials for energy and
electronics, today announced that the Department of Energy in South
Africa has granted its final approval to a change in the financing
structure of Soitec 44 MWp solar project developed in Touwsrivier,
enabling the South African Government Employee Pension Fund (GEPF)
to come on board as a strong long term investor in the project.
In practice, Soitec has joined forces with
Public Investment Corporation (PIC), which represents Government
Employee Pension Fund (GEPF), through an equity financing
structure. GEPF will ultimately, post the regulated holding period,
hold a 40% stake in the project whilst Soitec will only be
retaining a minority shareholding in the long term.
Thanks to this transaction, the Touwsrivier
solar project is becoming truly local. Soitec will remain the only
foreign stakeholder in the project through its contribution of
solar equipment and minority shareholding.
Touwsrivier solar power plant has recently
fulfilled milestones set for commissioning 22MWp, i.e. 50% of the
total capacity. This confirms that the power plant performs in
accordance with contractual specifications and validates the power
purchase agreements applied to the 44MWp solar plant.
PIC's Dr Daniel Matjila, Chief investment
Officer says "We are excited by yet another investment in this
sector as the PIC. This investment will contribute to the country's
much needed alternative energy needs thus contributing towards
easing the current electricity pressures the country is
experiencing as well ensure good returns for our client, the
GEPF".
Touwsrivier milestones
- 5th November 2012 - signature of the PPA
- 30th April 2013 listing of a bond of a total of ZAR 1,0bn
- 19th March 2014 22 MWp connected to the grid
- 19th April 2014 final approval for equity financing of 40% of
the project by G.E.P.F.
- Commercial operation of power plant currently forecasted for Q2
of fiscal year 2015
About Soitec:
Soitec is an international manufacturing company, a world leader
in generating and manufacturing revolutionary semiconductor
materials at the frontier of the most exciting energy and
electronic challenges. Soitec's products include substrates for
microelectronics (most notably SOI : Silicon-on-Insulator) and
concentrating photovoltaic systems (CPV). The company's core
technologies are Smart Cut(TM), Smart Stacking(TM) and
Concentrix(TM), as well as expertise in epitaxy. Applications
include consumer and mobile electronics, microelectronics-driven
IT, telecommunications, automotive electronics, lighting products
and solar power plants for large-scale utilities. Soitec has
manufacturing plants and R&D centers in France, Singapore,
Germany, and the United States.
For more information, visit: www.soitec.com.
About the Public Investment Corporation
The Public Investment Corporation (PIC) is a public asset
management firm wholly owned by the South African government, with
the Minister of Finance as the sole shareholder representative of
the government. PIC's clients are mostly public sector entities
including the Government Employees Pension Fund, which contribute
90% of the funds that PIC manages. Other clients include
Unemployment Insurance Fund, Associated Institutions Pension Fund,
Compensation Commissioner Pension Fund and Compensation
Commissioner Fund.
The PIC owns shares in listed companies and currently controls
over 10% of the Johannesburg Securities Exchange. The PIC is a
hybrid of a single asset manager and a multi-manager with emphasis
on providing its clients with value at a low cost and invests in
established names with strong management requiring little
oversight.
The PIC is a world class asset management company, and has been
in existence for more than a century. It is the largest and most
successful asset manager on the African continent with assets under
management in excess of R1 trillion.
For all information, please contact:
Investor Relations
Contact Olivier Brice +33 (0)4 76 92 93 80
olivier.brice@soitec.com |
International
Media Contacts (Business press) Marylen Schmidt + 33 (0)6
21 13 66 72 marylen.schmidt@soitec.com |
(Trade press) Camille
Dufour +33 (0)6 79 49 51 43
camille.dufour@soitec.com |
PIC Contact
Communications Manager
Nomzamo Petje
+ 27 12 742 3412
nomzamo.petje@pic.gov.za
Press release in PDF
http://hugin.info/143589/R/1789833/615277.pdf
HUG#1789833
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