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The CDC Group is investing $50m in the Redstone Concentrated Solar Plant.
- The project is expected to add 100MW to the nation’s grid.
- The plant is expected to come online in Q4 2023.
The CDC Group is investing $50 million in the Redstone Concentrated Solar Power (CSP) project in South Africa. Saudi Arabia’s Acwa Power is currently developing the project under South African’s Renewable Energy Independent Power Producer Procurement Programme (REIPPP).
Acwa Power is developing the project in consortium with Central Energy Fund and Pele Green Energy. The CSP plant will have a capacity of 100 MW and is estimated to provide electricity to 200,000 South African households. Acwa Power intends to bring the plant online in the fourth quarter of 2023.
The CSP plant will require an investment of $828.4 million. TheAfrican Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions-und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance are among the project’s financiers.