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Solar Capital De Aar, the subsidiary of Italy’s Moncada Energy, has finalised a deal to build what it claims will be the largest PV array in South Africa.

The company said it had signed the project off with South Africa’s Department of Energy and agreed a contract with Costruzioni Moncada South Africa for the construction of the plant.

The plant will cost €180 million to build and is expected to have a capacity of 94.5MWp.

Around a quarter of the total €240 million investment for the project has come from private equity, the other 75% from Standard Bank Sud Africa.