The US Overseas Private Investment Corporation has signed an agreement with SolarReserve and ACWA Power to provide $400m in debt financing for the 100MW Redstone concentrating solar power project in Northern Cape, South Africa.
The project will use SolarReserve’s CSP technology providing molten salt storage capability that will deliver consistent baseload electricity, even after the sun sets.
OPIC president and chief executive officer Elizabeth Littlefield said: “It’s impressive that Redstone brings together the innovative US private sector leadership and technology of SolarReserve, the international experience of ACWA, and large-scale catalytic financing from OPIC.
“This sort of change-making partnership is at the heart of President Obama’s Power Africa initiative and creates broad, lasting impact in international development.”
SolarReserve CEO Kevin Smith said: “The Redstone project marks an important technology advancement for Africa in clean, renewable power, and a demonstration of US developed technology that is leading the world in large scale solar energy storage.
“In addition, the project’s delivered electricity price is the lowest of any CSP project in the country to date.
“We appreciate OPIC’s support and look forward to working with our partner ACWA Power and the communities where the project is located to help South Africa at a time when it critically needs new generation to support growth of its economy.”
Image: the Redstone project (SolarReserve)
