ACWA Power leads South Africa’s largest renewable energy project to financial close

ACWA Power leads South Africa’s largest renewable energy project to financial close

RIYADH — ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in 13 countries and the lead shareholder in the Redstone concentrated solar power (CSP) plant, announced the commencement of construction on the 100 MW Redstone project following achievement of financial close. At ZAR11.6 billion total investment, the Redstone project is the largest renewable energy investment in South Africa to date. The project has secured financing from leading international and South African financial institutions including African Development Bank (AfDB), ABSA Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank Limited, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance. Through the successful mobilization of international project finance, Redstone CSP has facilitated approximately ZAR7 billion in foreign direct investment to fund and support the strategic energy transition goals of the country. ACWA Power’s co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the local community. Located in the Northern Cape Province of South Africa, the Redstone plant will be equipped with a 12-hour thermal storage system that will deliver clean and reliable electricity to nearly 200,000 households round the clock. Commencement of