Concentrating photovoltaic (CPV) solar system maker Soitec of Bernin, France says that South Africa’s Department of Energy has granted its preliminary approval to a refinancing scheme for Soitec’s equity position in the 44MWp solar project developed in Touwsrivier.
The preliminary approval sets the path for finalizing the terms and conditions of the final transaction, pursuant to which the shareholding of the project company shall ultimately evolve to include an already-identified investor. Subject to final Department of Energy approval, and in light of the anticipated schedule for finalizing the transaction, Soitec anticipates being in a position to disclose its 2013-2014 full-year sales report including actuals and/or pro-forma audited figures related to its South African solar project.
Soitec also confirms that power performance testing procedures have recently been engaged on the already installed solar capacity of the Touwsrivier plant, with a view towards fulfilling the milestones set for delivering 50% of the total capacity of the power plant. Reaching this point will entitle Soitec to have access to the restricted cash and significantly increase its cash resources. Soitec anticipates confirming in the coming weeks successful fulfilment of the requested milestone.
Full-year sales for fiscal 2013-2014 will be published on 22 April after closing of the Paris Stock Exchange.
