- The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees to BTE Renewables for up to $18.9 million to cover its equity investments into MBP PV (RF) Pty Ltd.
- MBP is a 75 MW solar power plant in the Northern Cape province of South Africa.
The 15-year guarantees protect BTE Renewables against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract.
Spanish independent power producer (IPP), Sonnedix, sold it stake in the troubled 75MW Mulilo Sonnedix Prieska solar farm in South Africa to BTE Renewables in June last year, who is backed by leading global infrastructure investor Actis. Read more
The project was reportedly experiencing serious problems due to premature module degradation back in 2020. Claims of widespread backsheet failure emerged and it was said that module replacement will be required. The modules used in the project were supplied by Chinese manufacturer BYD and South African producer Artsolar. Artsola denied any wrong doing on their part at the time. Read more
The project was developed with South African developer Mulilo Renewable Energy and obscure BBBEE partner, Ixowave Women in Power, and was built for Sonnedix by the juwi Renewable Energies (Pty) Ltd, a South African subsidiary of the German juwi group.
Author: Bryan Groenendaal