SASFIN Solar (IFC-35342)

Countries
  • South Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 27, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Sasfin Solar SPV
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 2, 2017

Disclosed by Bank Mar 18, 2016


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Project Description
The proposed project is an up to ZAR 150 million Senior Loan to NEWCo Ltd., a newly established special purpose vehicle owned 50% by Sasfin Commercial Solutions (Incentives) (Pty) Ltd., a member of Sasfin Holdings Limited, a mid-tier specialist banking and financial services group focusing on entrepreneurial corporate, commercial SMEs and private clients in South Africa; and 50% by Terra Firma Solutions (Pty) Ltd, a turnkey energy engineering solution provider based in Cape Town. The purpose of the IFC Loan is to support NEWCo’s ZAR 200 million lending program for rooftop solar photovoltaic installations in South Africa targeting local commercial and industrial entities. NEWCo will build, own and operate the installations and will lease the solar assets to clients under long term lease contracts.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Sasfin Bank Limited Sasfin Place, 29 Scott Street, Waverley 2090 PO Box 95104, Grant Park 2051 Johannesburg, South Africa Tel: +27 11 809 7500 Fax: +27 11 887 6167 E-mail: mailto:info@sasfin.com Terra Firma Solutions (Pty) Ltd. Suite 1B, Ground Office Floor Level, Madison Place, Alphen Office Park Constantia, Cape Town, South Africa Phone: +27 21 300 1620 Fax: +27 21 300 1621 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/