California-based SolarReserve and Saudi co-sponsor and lead developer ACWA Power will use an OPIC investment guarantee to help build and operate the solar thermal power plant in South Africa’s Northern Cape province, an OPIC press release says.
At the start of the year, the South African Department of Energy (DOE) selected the Redstone project as part of the Renewable Energy Independent Power Producer Procurement Programme’s (REIPPPP) third round. Redstone will use a tower configuration, similar to SolarReserve’s 110-MW Crescent Dunes solar thermal power plant in the US state of Nevada.
The up to USD 400 million in funds for the CSP project are part of more than USD 1 billion in financing and support for US-led developments in Africa and Asia OPIC announced on Thursday.
The total sum includes USD 250 million for power generation and infrastructure projects in OPIC-eligible countries in sub-Saharan Africa and a further USD 250 million for a power grid upgrade in Pakistan.