Project detail - ERIKA ENERGY (RF) (PTY) LTD

ERIKA ENERGY (RF) (PTY) LTD

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Who is our client

Erika Energy is a project company established with the sole purpose of developing, constructing, owning and operating a 28 MW solar power plant situated Northeast of Johannesburg, South Africa. The project shareholders are SEGP Renewable Energy Southern Africa (Pty) Ltd, Public Investment Corporation SOC Limited, Kurisani Soutpan (Pty) Ltd and Izingwe International Fund (Pty) Ltd.

Funding objective

FMO's financing will fund part of the costs entailed by the construction of the solar plant. The project is jointly funded by other financial institutions, one of whom is FMO's partner, Standard Bank.

Why we fund this project

The project is part of South Africa's Renewable Energy Independent Power Producer Procurement Programme, a scheme aimed at reducing the country's reliance on thermal energy. By funding the proposed projects, FMO supports greater private sector involvement and the growth of renewable energy production in a well regulated energy market - the largest on the African continent, which itself is amongst the largest greenhouse gas emitters in the world.

Region
Africa
Country
South Africa
Sector
Energy
Signing date
7/24/2013
Total FMO financing
ZAR 75.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+