SolarReserve Raises $586M For South African Projects

Santa Monica-based solar energy project developer SolarReserve has raised $586M in a combination of equity and debt, for two South African projects, according to reports today. The funding came from FirstRank Bank Ltd, with equity from Kensani Capital Investments, Intikon Energy, IDEAS Managed Fund and GCL-Poly Energy Holdings Ltd. The funding goes towards a solar energy project being developed for South Africa's state owned utility, and will have a total capacity of 75 megawatts.