ACWA Power leads S. Africa’s renewable energy project

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 ZAR 11.6 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 Ontwikke lin gs land en( F MO ), Deutsche Invest it ions-u nd Ent wick lungs ge sells chat( DEG ), Investec Bank and Sanlam Life Insurance.

Through the successful mobilisation of international project finance, Redstone CSP has facilitated approximately ZAR 7 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.

Commenting on the occasion, Paddy Padmanathan, President and Chief Executive Officer of ACWA Power, said: “ACWA Power is proud to lead the energy transition in countries that are commited to ambitious renewable energy targets to support economic growth and social development.