A global manufacturing company, Soitec has received funds form Investec Bank, a specialist bank in Africa, to construct a 50 MW solar plant in Touwsrivier, South Africa.
The plant will be installed with Concentrix series of fifth-generation concentrator photovoltaic (CPV) solutions of Soitec. The financial contracts between the companies are anticipated to be completed by the end of 2012.
The Department of Energy in South Africa has selected Soitec as one of the favored bidders under the independent power producer (IPP) program in December 2011. The solar plant construction in Touwsrivier is the first project of the company in the IPP program. Concentrix line of robust and high-efficiency CPV systems is ideal for use in South Africa and various other sites having high solar radiation.
The major objective of the country is that renewable-energy sources will be used in 42% of new facilities being developed in the next 20 years. The funding from one of the top investment banks helps Soitec to deliver its first large-scale renewable-energy facility to South Africa. The company has also worked on other South African projects, which include a 500 kw CPV facility near Durban and a pilot plant in Aquila. Through these projects, Soitec helps South Africa to achieve its renewable-energy goals.