Redstone CSP, South Africa’s Largest Renewable Energy Project Starts Production
Construction of the 100 MW Redstone Concentrated Solar Power (CSP) plant in South Africa has commenced following the achievement of financial close.
Project operator ACWA Power – the Saudi developer, investor and operator of power generation and water desalination plants in over 13 countries – made the announcement that the Redstone CSP plant is set to be equipped with a 12-hour thermal storage system capable of delivering clean and reliable electricity to an estimated 200,000 households.
President and CEO of ACWA Power, Paddy Padmanathan, stated that the company,“ is proud to lead the energy transition in countries that are committed to ambitious renewable energy targets to support economic growth and social development.”
The Redstone Project is the largest renewable energy investment in the country to date, having secured $830 million in investment from leading international and South African financial institutions including the African Development Bank, ABSA, the Development Bank of Southern Africa, CDC Group, Nedbank, Nerkerlandse Financierings-Maatchappij voor Ontwikkelingslanden, Deutsche Investitions-und Entwicklunggsgesellschaft, Investec and Sanlam.
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