MIGA backs 100 MW KaXu Solar One solar power plant in South Africa
MIGA, a member of the World Bank Group, has issued US$98.6 million in guarantees to Atlantica Yield PLC for the ownership and operation of the 100 MW KaXu Solar One solar power plant in South Africa. The Agency is providing protection from Breach of Contract, future returns and investments into the project.
KaXu is located in the Northern Cape Province in South Africa and was awarded in 2011 as part of the First Round Bid window of South Africa’s Renewable Energy Independent Power Producer Program (REIPPP). The plant has been operating since 2015.
The concentrated solar thermal plant collects solar energy using parabolic trough technology and convert it into electricity in the steam cycle. Through a built-in molten salt storage system or the thermal energy storage (TES), the plant has a capacity to store energy during off peak hours and dispatch it during peak hours.
The facility serves 330,000 households in Northern Cape region and avoids annual greenhouse gas emissions of 315,000 tons.
