The Redstone Solar Thermal Power project, with the lowest tariff bid to date among CSP projects in South Africa, is scheduled to achieve financial close later in 2015 and commence operations in early 2018, officials said.
The electricity generated from this project will be the cheapest among the CSP projects in the country.
The project is developed in response to the DOE’s Round 3 (CSP) Renewable Energy Independent Power Producer Procurement Program (REIPPPP).
This CSP project is estimated to cost around R6 billion over the first 20 years of operation. In addition, another R150 million per year will be spent on operating cost of the project.
The Redstone project with 12 hours of full-load energy storage is expected to supply power to more than 200,000 South African homes.