(Paris, 01 May 2023) – UNEP in collaboration with Frankfurt School today announces the recipient of the CCI Programme Call for Proposals in South Africa
The CCI programme will support SOLA Assets under type 2 grant funding (financing vehicle costs) for restructuring and optimizing the Orionis Fund. The Orionis Fund is a renewable energy fund that aims to enable solar PV projects to be built without capital expenditure by the electricity off-takers. It is a funding vehicle established for the purpose of funding captive solar PV installations under 10MW in South Africa for commercial and industrial clients. The funding and corporate structure of the fund is currently complex and sub-optimal.
The support will help SOLA Assets to overcome these challenges and help build a more efficient fund structure which can maximize its performance and profitability. The support also aims to empower project developers like SOLA Assets to increase their economic interests in the projects they develop, which usually projects developers are not able to access to due to lack of financial capital. This would establish an improved business case for renewable energy funds for clean captive installations and help unleash additional capital for their deployment.
The selected pilot project aligns with CCI programme’s objective and will also contribute to the African Green Development Stimulus Programme. It demonstrates further the financial and economic viability of captive renewable energy on commercial sites and introduces replicable business models for scalability.
SOLA Assets, started in 2008, is a utility-scale solar project developer in South Africa. SOLA promotes the adoption of clean energy throughout the African continent. It is one of the leading Solar PV and battery storage specialist in the distributed and utility sectors and is also a market leader in financed solar solutions (Power Purchase Agreements) for commercial and industrial off-takers.