The African development bank (AfDB) has approved a senior loan of 3 billion rand ($212 million) for ACWA Power's 100 MW Redstone CSP project in South Africa’s Northern Cape province, the bank said November 30. Minority stakeholders in the $798-million project include technology provider SolarReserve (10%) and South African groups PIC (13.5%), OMLACSA (10%), Community (12.5%) and Pele Green (4%).
The Redstone project was awarded in 2015 in the third round of South Africa's Renewable Energy Independent Power Producers Procurement Program (REIPPPP). The project was awarded at a tariff price of $124/MWh for a period of 20 years. The plant will incorporate 12 hours of molten salt thermal energy storage (TES) capacity.
The project will include the construction of a new 132 kV switching station, and a 34 km transmission line.
In April 2018, the South African government finally signed the power purchase agreements (PPAs) for Redstone and 26 other renewable energy projects, ending more than two years of delays due to state financing concerns.
In July, Saudi Arabia's ACWA Power and the Central Energy Fund of South Africa agreed to co-invest in Redstone as part of a new broader renewables investment alliance.
