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Globeleq, a South African independent power producer (IPP), has completed the senior debt refinancing of three renewable energy plants, totaling 238 MW. Absa Bank, part of financial services business Absa Group Ltd, served as the required lead arranger and sole underwriter for the power producer’s debt financing package worth ZAR 5.2 billion (USD 362 Mn).
The refinancing will help free up capital for shareholders, encouraging reinvestment in the industry and speeding up equity payouts to the three community trust owners, allowing them to participate in high-impact, long-term projects. It will also help in reducing wholesale electricity prices.