![]() Located in the Northern Cape Province of South Africa, the Redstone project 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. Redstone is led by ACWA Power, a leading Saudi developer, investor and operator of power generation, water desalination and hydrogen plants in 12 countries, which is also the lead shareholder in Redstone with co-shareholders including the Central Energy Fund, Pele Green Energy and the local community. The project has also secured financing from leading international and South African financial institutions including ABSA Bank, CDC Group, Development Bank of Southern Africa (DBSA), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Investec Bank, Nedbank Limited, Sanlam Limited, and the Industrial Development Corporation of South Africa. The African Development Bank acted as the Mandated Lead Arranger (MLA) and Coordinating Bank for the ZAR 11.6 bn total investment, with a commitment of ZAR 2.306 billion to the transaction. Redstone’s output will be sold to South Africa’s state-owned utility Eskom under a 20-year power purchase agreement (PPA).South African Redstone concentrated solar power (CSP) project has achieved its first debt drawdown on the largest renewable energy investment in South Africa to date. The project is certified by the Climate Bonds Standard and Certification Scheme and is consistent with the goals of the Paris climate agreement, which aims to limit global warming to below 2☌,” says ADB. “This is the first renewable energy project to offer ancillary services in the country. ![]() Acwa Power estimates that the facility will be able to supply 200,000 South African homes with electricity.Īt the same time, the Redstone CSP is expected to offset 440 metric tons of CO2 emissions per year. The concentrating solar power plant will have a capacity of 100 MW, with the ability to store energy for 12 hours. The project will require a total investment of R11.6 billion ($770 million), with nearly R7 billion ($463 million) in foreign direct investment, according to the AfDB. And at this rate, the PSC could enter service in the fourth quarter of 2023. A key construction milestone, the tower’s foundation is already complete. According to the AfDB, engineering work is more than 58% complete, while procurement and construction are more than 45% and 6% complete, respectively. Work began on the solar thermal project site nine months ago. Private investors Absa Bank, Investec Bank, Nedbank and Sanlam are also participating in the financing of the Redstone CSP. The other part of the financing is being provided by development banks, the UK’s CDC Group, Germany’s Deutsche Investitions-und Entwicklungsgesellschaft (DEG), the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) of the Netherlands and South Africa’s Industrial Development Corporation (IDC). The project in the Northern Cape is receiving 2.306 billion rand (more than $152 million) from the AfDB. It is the first debt drawdown, after a financial mobilization arranged by the African Development Bank (AfDB) on behalf of the project’s developers, Saudi Arabian independent power producer (IPP) Acwa Power, South African Pele Green Energy, Central Energy Fund and the local community. The Redstone Concentrated Solar Power project has reached a new milestone.
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