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February 26, 2024
Government

LESOTHO NOT ABLE TO PAY FRAZER SOLAR – SELEPE

Maseru, Jan. 23 — Chairperson of Audit Advisory Committee (ACC) Mr. Sebehela Selepe says with the current economic status, it is unlikely that Lesotho will be able to pay off the M1.2 billion owed to Frazer Solar.

In September 2018, Frazer Solar GmbH (FSG) of Germany signed an agreement with the Government of Lesotho (GOL) to develop a major solar and energy efficiency project with financing from the German government via development bank KFW.

Then on January 12, this year, the South African High Court threw out the government of Lesotho’s case to overturn Frazer Solar’s arbitration award. The Judge dismissed the case and ordered the government of Lesotho to pay costs to Frazer Solar and the South African Ministry of Justice.  The value of Frazer Solar’s claim including interest and costs is estimated to be €58 million (US $64 million, M1.2 billion).

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