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Saudi Arabia,United States : SolarReserve, ACWA Power plans to break ground on 100 MW CSP plant in September
Publish Date : 05-Jul-2016
In the month of September, California-based SolarReserve and Saudi ACWA Power plans to break ground on a joint project for 100 MW concentrating solar power (CSP) plant in South Africa.
This project was chosen within the 3.5 bid window under South Africas Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), with an objective to add 3,725 MW of clean power to the country's energy generation mix.
Over 20 year period, it will receive an average tariff of ZAR 1.46 per kWh (USD 0.100/ EUR EUR 0.090), said South Africa's Department of Energy. The third REIPPPP bidding round achieved significant price reductions as against the ZAR 2.68/kWh bids of CSP projects during the first round.
The Redstone solar thermal power project is located in Postmasburg, near Kimberley in the Northern Cape province. It will feature 12 hours of full-load energy storage with the help of SolarReserves molten salt energy storage technology in a tower configuration. Additionally, the project will feature dry cooling of the power generation cycle to minimize water use.
Redstone will be developed adjacent to the 75 MW Lesedi and 96 MW Jasper photovoltaic (PV) solar power projects developed by SolarReserve and its investment partners. These three projects will together combine CSP and PV for a total of 271 MW of generating capacity. Redstone is expected to produce nearly 480,000 MWh of electricity per year.
Financing for the project will be with ZAR 2.4 billion of equity investment and ZAR 5.6 billion of debt provided by local and international lending institutions.
