- HOW ZIMBABWE NEW INFRASTRUCTURE CITY IS TAKING SHAPE
- NAPSA SIGNED US$650M DEAL WITH MOIC TO TRANSFORM ZAMBIA’s LUSAKA-NDOLA DUAL CARRIAGEWAY
- SAGLEMI HOUSING PROJECT: WHY GHANA GOVT. NEEDS TO SECURE PRIVATE PARTNERSHIP TO COMPLETE PROJECT
- HOW ETHIOPIA CITIZENS RAISED 19BILLION BIRR IN 13YEARS FOR THE CONSTRUCTION OF ABAY DAM
- EGYPT SECURE DEAL TO SETUP SILO FACTORY
REDSTONE CONCENTRATED SOLAR POWER PROJECT BECOMES SOUTH AFRICA’S LARGEST RENEWABLE ENERGY INVESTMENT TO DATE
Johannesburg, South Africa, 10 May 2021: ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in 13 countries and the lead shareholder in the Redstone concentrated solar power (CSP) plant, announced the commencement of construction on the 100 MW Redstone project following achievement of financial close. At ZAR 11.6 billion total investment, the Redstone project is the largest renewable energy investment in South Africa to date.
The project has secured financing from leading international and South African financial institutions 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, Sanlam Life Insurance and the Industrial Development Corporation of South Africa (IDC).
Through the successful mobilisation of international project finance, Redstone CSP has facilitated approximately ZAR 7 billion in foreign direct investment to fund and support the strategic energy transition goals of the country. ACWA Power’s co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the local community.
Located in the Northern Cape Province of South Africa, the Redstone plant will be equipped with a 12-hour thermal storage system that will deliver clean and reliable electricity to nearly 200,000 households round the clock. Commencement of operations is scheduled for Q4 2023.
Source: Acwa Power