ACWA Power begins construction of the 100 MW Redstone project, South Africa’s largest solar power plant.
ACWA Power begins construction of the Redstone project
Located in South Africa’s Northern Cape province, the Redstone solar power plant will have a capacity of 100 MW.
It will be equipped with a 12-hour thermal storage system.
This technology will provide reliable, clean electricity to 200,000 households around the clock.
The solar power plant will also provide value-added ancillary services required by the system operator.
This service will be provided free of charge to the local public utility Eskom.
A first for a renewable energy plant.
440 tonnes less CO2, 400 jobs for the local community
The plant, which will start operating in 2023, will reduce CO2 emissions by 440 tonnes a year.
The project has been certified by the Climate Bonds Standard and Certification Scheme.
The project is therefore in line with the objectives of theParis Agreement.
The project will create over 2,000 jobs during construction, including 400 in the local community.
A further 100 permanent jobs will also be created during the site’s operation.
In fact, 44% of the plant’s construction will rely on local supply chains for its purchases.
An investment of ZAR 11.6 billion
With an investment of ZAR 11.6 billion (USD 830 million), this plant is the largest renewable energy project in South Africa.
The project has received ZAR 7 billion in foreign direct investment.
ACWA POWER’s co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the local community.
Financing from international and African financial institutions
The African Development Bank,ABSA Bank and the Development Bank of Southern Africa also participated in financing the project.
They were joined by CDC Group, Nedbank Limited, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, Deutsche Investitions- und Entwicklungsgesellschaft, Investec Bank.
But also Sanlam Life Insurance.
With its 648-hectare solar power plant, ACWA Power is developing South Africa’s largest renewable energy project.
An important technology to help the country begin its energy transition.
