ACWA Power closes financing of 100 MW Redstone concentrated solar power (CSP) project in Postmasburg

ACWA Power, the lead shareholder in the Redstone concentrated solar power (CSP) plant, has commenced the construction of the 100 MW Redstone project following achievement of a financial close. At ZAR11.6 billion (US$824.5 million) total investment, the Redstone project is the largest renewable energy investment in South Africa to date.

The project has secured financing from leading international and South African financial institutions including African Development Bank (AfDB), ABSA Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank Limited, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance.

Located in the Northern Cape Province of South Africa, the Redstone plant will be equipped with a 12-hour thermal storage system, that will deliver clean and reliable electricity to nearly 200,000 households round the clock. Commencement of operations is scheduled for Q4 2023.