Soitec, a generator and manufacturer of semiconductor materials for energy and electronics, announced that the Department of Energy in South Africa has granted its preliminary approval to a refinancing scheme for Soitec's equity position in the 44 MW solar project developed in Touwsrivier.
This preliminary approval sets the path for the finalization of the terms and conditions of the final transaction, pursuant to which the shareholding of the project company shall ultimately evolve to include an already-identified investor. Subject to final Department of Energy approval, and in light of the anticipated calendar for the finalization of such transaction, Soitec anticipates being in a position to disclose its 2013-2014 full year sales report including actuals and /or pro-forma audited figures related to its South African solar project.
Soitec also confirms that power performance testing procedures have recently been engaged on the already installed solar capacity of the Touwsrivier plant, with a view towards fulfilling the milestones set for delivering 50% of the total capacity of the power plant. Reaching this point shall entitle Soitec to have access to the restricted cash and significantly increase its cash resources. Soitec anticipates confirming in the coming weeks successful fulfillment of the requested milestone.