AWCA Power Obtains Funds For 100-MW CSP Park In South Africa

Saudi-based renewable developer AWCA Power has started construction on the 100 MW Redstone concentrating solar power (CSP) plant in South Africa.

With a total investment amounting to ZAR 11.6 billion, concentrating solar power (CSP) plant will be the largest renewable energy investment in South Africa to date. 

The project has obtained financing from 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.

The Redstone plant located in the Northern Cape Province of South Africa will be equipped with a 12-hour thermal storage system. Once operational, the plant will be able to provide electricity to 200,000 households. The project is expected to start operations in Q4 2023.

 The Central Energy Fund, Pele Green Energy, and the local community, along with AWCA Power, are co-shareholders in Redstone.

Paddy Padmanathan President & CEO of ACWA Power said, “ACWA Power is proud to lead the energy transition in countries that are committed to ambitious renewable energy targets to support economic growth and social development. Redstone CSP adds another superlative to our budding record in South Africa, being the largest renewable energy investment to date.”