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Publish Date : 26-Oct-2015

On Tuesday, the Overseas Private Investment Corporation (OPIC) signed a formal agreement to support SolarReserves 100-MW Redstone concentrating solar power (CSP) project in South Africa with USD 400 million (EUR 352.6m) of debt financing.

During last month, OPIC approved the financing commitment. During this week the official contract was signed as part of US Secretary of State John Kerry's Climate and Clean Energy Investment Forum.

Development of the project was carried out by California-based SolarReserve and Saudi co-sponsor ACWA Power.

Construction of the solar thermal power facility will be done in South Africas Northern Cape province and will use a tower configuration, similar to SolarReserves 110-MW Crescent Dunes plant in the US state of Nevada.

The South African Department of Energy (DOE) during the beginning of the year selected the Redstone project as part of the Renewable Energy Independent Power Producer Procurement Programmes (REIPPPP) third round.

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