EnergyMezzanineStructuring

Hwange 50MW Solar IPP — Mezzanine

Hwange, Matabeleland North

Senior-mezzanine tranche into a 50MW utility-scale solar IPP with a USD-indexed power-purchase agreement. Contracted cashflows, lower volatility, and a structured downside through the security package.

ZIDA investment licence

Licensed (IPP)

MMCZ export status

N/A

Investment memo

Mezzanine financing alongside DFI senior debt for a 50MW PV plant with a 20-year USD-indexed PPA. The mezz tranche earns a coupon plus a profit-participation kicker on the equity, secured by a pledge over project SPV shares and a cash-sweep waterfall. Returns are contracted rather than commodity-linked, giving the portfolio a lower-beta, cash-yielding position. Base case 1.8x gross / 18% IRR over a 7-year hold to ref…

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