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The project, which mobilizes overall debt financing of 11.6 billion rand, is carried by the Saudi Acwa Power The Redstone Concentrated Solar Power ( CSP ) project has received the first tranche of financing mobilized in the form of debt, the African Development Bank (AfDB) announced on February 11. As a reminder, the financial closing of the project took place during the first decade of May 2021. The AfDB was the leader of the total debt mobilized for the project, i.e. 11.6 billion rand provided by loans from commercial banks ( ABSA , Investe c, Nedbank , Sanlam ) and those from development finance institutions: CDC Group , ADB (2.3 billion rand), Netherlands Development Finance Company ( FMO ), German Investment and Development Bank ( DEG ), Development Bank of South Africa ( DBSA), Industrial Development Corporation of South Africa Limited ( IDC ). Funding is released gradually, depending on the progress of the project. The CSP Redstone project is being developed by Saudi Acwa Power at the Humansrus solar park in the Northern Cape region. It will have an installed capacity of 100 MW and is expected to generate a producible of 466 GWh per year, which will be used by South Africas public electricity distribution company Eskom , under a power purchase agreement. electricity for a period of 20 years. Once delivered, the plant will be able to supply more than 200,000 households with electricity. According to the proponent, it will prevent the annual release of 480,000 tonnes of carbon into the atmosphere. According to the AfDB, the projects engineering works are currently over 58% complete, procurement over 45% and construction works over 6%. The start of commercial operations of Redstone is envisaged in the fourth quarter of 2023. |
