December 3 (Renewables Now) - The African Development Bank (ADB) has approved extending ZAR 3 billion (USD 220.1m/EUR 193.5m) in debt for the 100-MW Redstone concentrating solar power (CSP) project in South Africa.
The senior loan will facilitate the construction of the CSP park, with incorporated molten salt energy storage capacity, a 1322-kV switching station and a 34-km (21.1-mile) transmission line, ADB said on Friday. The companies behind the project are Saudi Arabia's ACWA Power, US-based SolarReserve and state-owned Central Energy Fund of South Africa, which joined the scheme this summer.
The Redstone complex in Postmasburg, near Kimberley, will include 12 hours of full-load energy storage using SolarReserve’s molten salt energy storage technology in a tower configuration. Once up and running, it will be able to feed to the grid 466 GWh of electricity annually, offsetting diesel-fueled open cycle gas turbine generation during peak demand periods.
The project was selected within the 3.5 bid window under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). It has in place a 20-year power purchase agreement (PPA) with South African utility Eskom.
(ZAR 10 = USD 0.734/EUR 0.645)