Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 22-Sep-2015

The Overseas Private Investment Corporation (OPIC) has granted green light for new financing of up to USD 400 million (EUR 350.8m) for SolarReserves 100-MW Redstone concentrating solar power (CSP) project in South Africa.

According to OPIC's statement, California-based SolarReserve and Saudi co-sponsor and lead developer ACWA Power will be utilising an OPIC investment guarantee to support building and operations of the solar thermal power plant in South Africas Northern Cape province.

The South African Department of Energy (DOE), at the beginning of the year selected the Redstone project as part of the Renewable Energy Independent Power Producer Procurement Programmes (REIPPPP) third round. Redstone will be using a tower configuration, similar to SolarReserves 110-MW Crescent Dunes solar thermal power plant in the US state of Nevada.

Nearly USD 400 million in funds for the CSP project forms part of around USD 1 billion in financing and support for US-led developments in Africa and Asia OPIC announced on Thursday.

The total sum consists of USD 250 million for power generation and infrastructure projects in OPIC-eligible countries in sub-Saharan Africa and additional USD 250 million for a power grid upgrade in Pakistan.

Go to previous page