ACWA Power closes signs debt financing for Redstone CSP

ACWA Power has closed the debt financing with eighth lenders for a US$710 million package for the development of the  100 MW Redstone Concentrated Solar Power project in South Africa.

In July 2018, ACWA Power as signed a cooperation agreement was entered into by the Central Energy Fund of South Africa. The  agreement establishes the framework for both entities to co-invest in renewable energy projects the first of which will be the Redstone CSP plant in the country’s Northern Cape Province.

The project was commissioned in the third quarter of 2018 under a 20-year power purchase agreement - build-own-operate-transfer (PPA-BOOT) scheme. Eskom Holdings is the offtaker for the energy produced from the project.