Moncada Energy to start work on 94.5-MW solar park in S Africa

Nov 7, 2012 - Italian firm Moncada Energy Group said Monday it would, through a local subsidiary, kick off work on a 94.5-MW solar power plant near Cape Town under a EUR-182-million (USD 233.2m) deal with South Africa's Department of Energy.

The EUR-240-million PV facility is expected to kick off operations in July 2013, the Italian wind, solar and biomass energy projects developer said.

Moncada won the project in the first tender of South Africa’s Renewable Energy Independent Power Producer Programme (REIPPP). The project is being developed by Solar Capital De Aar -- Moncada's joint venture with local firm Solar Capital.

Moncada and Solar Capital will cover 25% of the project costs, with the Standard Bank of South Africa providing the remaining 75%.

(EUR 1.0 = USD 1.281)

Choose your newsletter by Renewables Now. Join for free!