Swedish Stirling secures debt financing in South Africa

Swedish Stirling AB (publ) has received a positive credit committee decision from the South African bank, The Industrial Development Corporation of Africa (“IDC”), to finance the PWR BLOK project in South Africa.

Swedish clean-tech company, Swedish Stirling, has today received a positive credit committee decision from IDC regarding a loan of MZAR 162 (MSEK 96) for the installation of the company’s first large-scale commercial project using the PWR BLOK, at the Lion smelter in South Africa. The project encompasses a 10MW installation and the first units are estimated to be shipped this year. The credit facility, in South African Rand (ZAR) terms, has according to the company a competitive interest rate over an 8-year term.

- We’ve been working for a long time to make the PWR BLOK bankable, i.e. eligible for financing at commercial banks, and now we’ve achieved that goal. A low cost of capital for the technology is important for creating what the customer wants most – a lower electricity cost and reduced carbon dioxide emissions. Long term, we plan to work on further reducing the cost of capital. Short term, our primary focus is on making the project deliverables, and on signing deals for further installations in South Africa,” says Dennis Andersson, CEO of Swedish Stirling.