In a landmark move that reinforces energy security and supports ESG goals across South Africa’s energy-intensive industries, including mining, renewable energy solutions provider SOLA Group has announced the optimisation of debt facilities in its commercial and industrial (C&I) solar PV fund, Orionis. The R250-million deal, executed in collaboration with Nedbank Corporate and Investment Banking (CIB) and advised by Pepper Tree Capital, Fasken, CDH, and 3E, marks a significant evolution in renewable energy financing in the region.
The Orionis portfolio currently supports 37MW of operating rooftop solar projects, supplying consistent, clean power to key sectors such as mining, manufacturing, pharmaceuticals, food, retail, software, and winemaking. For mining operations—where energy reliability, cost control, and ESG compliance are mission-critical—this financing model presents a scalable and practical response to ongoing grid instability and escalating electricity costs.
The deal showcases an innovative portfolio-based financing approach that sets a new standard for renewable energy investment, says James Dry, SOLA Project Finance Manager.
“The flexible debt facility allows for dynamic operational cashflow management and reduced interest costs through an optimised capital structure—all of which benefits shareholders and holds immense potential for future portfolio scaling,” Dry explains.
In total, the debt facility comprises R250-million, with a further R150-million available for future deployment. This milestone reflects SOLA’s deepening development partnership with Nedbank CIB.
“Streamlining the capital structure of the fund is a clear signal to the market that SOLA is maturing in its capability to optimise assets and project portfolios,” adds Dry.
SOLA Group notes that the fund delivers direct benefits to sectors like mining, data, food, and brewing by ensuring reliable, clean power and improving energy cost predictability.
“In line with our mission, the optimisation ensures that off-takers enjoy a continued clean energy supply supported by enhanced infrastructure reliability. The innovations in financial structuring will also drive improved returns to Orionis’s shareholders,” the group stated.
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Dry adds that the financing model is scalable and replicable across SOLA’s broader renewable energy portfolio, including utility-scale projects.
Launched in 2019 by SOLA Group in partnership with African Infrastructure Investment Managers (AIIM) and Nedbank, Orionis was created to finance and operate C&I solar PV projects across South Africa.
The optimisation plan—supported by grant funding from the Clean Captive Installations for Industrial Clients in Sub-Saharan Africa (CICSA) project—included simplifying corporate structures, consolidating equity instruments, and restructuring debt facilities to improve efficiency and enable future growth.