Covington Advises on Mezzanine Debt Funding for Nesa Power

JOHANNESBURG—Covington advised Maia Capital Partners on the provision of R150 million mezzanine debt funding to the Nesa Power group, a South African commercial and industrial renewable energy group delivering integrated solar, storage and energy solutions under long-term Power Purchase Agreements (PPAs).

The mezzanine debt funding will be used by Nesa as growth capital to fund the acquisition of solar photovoltaic sites and expand its PPA portfolio

Since its inception, Nesa has built over 46 megawatt-peak of Solar PV generation capacity and 6.5 megawatt-hours of battery storage, and has raised over R400 million in capital in managed funds that have invested in and currently operate over 70 Solar PV commercial and industrial assets on a PPA basis.

The Covington team was led by Deon Govender, and included Bongiwe Sindane, Luvo Mnduzulwana, Shalom Mwale and Nyambeni Davhana.