ACWA Power closes money for 100-MW CSP park in S Africa
- Saudi renewables programmer ACWA Power has commenced building and construction of the 100-MW Redstone focusing solar power (CSP) plant in South Africa after attaining monetary close for the project.
At a complete investment cost of ZAR 11.6 billion (USD 828m/EUR 681m), the CSP park will certainly be the biggest renewable energy investment in South Africa to date, ACWA introduced on Monday.
In all, Redstone has actually secured funding from a number of global as well as local lenders, consisting of the African Development Bank (AfDB), South Africa's Absa Bank, Dutch development bank FMO and also German development financing establishment DEG, to name a few.
The Redstone plant will be located in Northern Cape district and also will certainly include a 12-hour thermal energy storage space system. As soon as up and running, it will be able to feed electricity to virtually 200,000 households round the clock. Power supply is set up to start in the last quarter of 2023.
Alongside ACWA Power, the Central Energy Fund, Pele Green Energy, and also the neighborhood are co-shareholders in Redstone.