BII helps solar PV and battery storage project reach financial close

Image Credit: Pixabay

British International Investment (or BII) is making a senior debt investment in a battery energy storage and solar photovoltaic project in South Africa as part of a $1 billion financing package. The UK development finance institution is investing $135 million in the project in its role as a Lead Bank alongside Standard Bank and H1 Holdings. Standard Bank has arranged a $720 million senior debt facility for the project together with an additional $207 million for ancillary facilities.

Scatec ASA, a leading renewable energy solutions firm will be developing the project in South Africa’s Northern Cape. Once built and operational, the project will have a solar power generation capacity 540MW and battery storage capacity of 1.1GWh of battery energy storage which will be fed into the country’s national grid.

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