ACWA Power closes finance for 100-MW CSP park in S Africa

Saudi renewables developer ACWA Power has commenced construction of the 100-MW Redstone concentrating solar power (CSP) plant in South Africa after achieving financial close for the project.

At a total investment cost of ZAR 11.6 billion (USD 828m/EUR 681m), the CSP park will be the largest renewable energy investment in South Africa to date, ACWA announced on Monday.

In all, Redstone has secured financing from several international and local lenders, including the African Development Bank (AfDB), South Africa's Absa Bank, Dutch development bank FMO and German development finance institution DEG, to name a few.

The Redstone plant will be located in Northern Cape province and will include a 12-hour thermal energy storage system. Once up and running, it will be able to feed electricity to nearly 200,000 households round the clock. Power supply is scheduled to commence in the last quarter of 2023.

Alongside ACWA Power, the Central Energy Fund, Pele Green Energy, and the local community are co-shareholders in Redstone.

(ZAR 10 = USD 0.714/EUR 0.587)

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