ACWA Power Achieves Financial Close on 100 MW CSP Plant in South Africa

May 11, 2021 06:49 PM ET
  • ACWA Power has actually introduced the commencement of construction on the 100 MW Redstone CSP project complying with the success of financial close.

ACWA Power, a leading Saudi developer and also the lead shareholder in the Redstone concentrated solar energy (CSP) plant, has actually introduced the start of building on the 100 MW Redstone project following the success of monetary close. At ZAR 11.6 billion complete investment, the Redstone project is the largest renewable energy investment in South Africa to date.

The project has actually protected financing from top worldwide and South African banks including African Development Bank (AfDB), ABSA Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank Limited, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance.

Through the successful mobilisation of worldwide project finance, Redstone CSP has actually assisted in roughly ZAR 7 billion in foreign direct investment to fund and support the tactical energy transition goals of the country. ACWA Power's co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the regional community.

Situated in the North Cape Province of South Africa, the Redstone plant will certainly be geared up with a 12-hour thermal storage space system that will certainly supply tidy and also trustworthy power to homes in the area night and day. Start of procedures is set up for Q4 2023.

"ACWA Power is proud to lead the energy shift in nations that are devoted to ambitious renewable energy targets to support financial growth and social development. Redstone CSP includes one more outstanding to our budding record in South Africa, being the biggest renewable energy investment to day. As grid links are boosted, the resourcefulness of the private sector together with the fantastic support of seasoned money partners has the prospective to trigger long-term impact for neighborhood neighborhoods and also resolve the risks of climate adjustment," said Paddy Padmanathan, President & CEO of ACWA Power.

Just recently, the firm had actually authorized an execution agreement with the Ministry of Investments & Foreign Trade and also the Ministry of Energy of Uzbekistan for the development, building and procedure of a 1500 MW wind power project in Karakalpakstan, Uzbekistan. Once functional, the project will certainly become the biggest wind farm in the Central Asian area, and also one of the biggest on the planet.

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