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Publish Date : 25-Jun-2013

GDF Suez jointly with its consortium associates Investec and Kagiso Tiso Holdings has made an announcement on the Group's accomplishment of the financial closure for the West Coast One wind power project in South Africa. The venture with a planned capacity of 94 MW will require an investment of US$213 million.

The wind farm project's 43% equity stake is with the GDF Suez, whilst Investec and Kagiso Tiso, respectively, possess 34.5% and 20% interests in the project. The residual interest of 2.5% will be allotted to a community trust.

In May last year, the conglomerate was declared as the preferred bidder for this wind power project and the signing of a power purchase agreement (PPA) for a 20-year period with the South African state-run power utility - Eskom Holdings - took place in last month.

"West Coast One demonstrates our growth ambitions in fast growing markets, and supports South Africa's objective of increasing the contribution from renewable power in its generation mix. Together with Tarfaya, this project confirms GDF Suez as an important developer of wind projects in Africa," stated the Chairman and Chief Executive of GDF Suez - Gérard Mestrallet.

Vestas, the OEM provider of turbines to the project, will deliver 47 units of V90 2-megawatt wind turbines. The supplier will deliver the turbines during the July-September quarter of the next year.

The wind power plant is slated to begin production within May 2015.

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