Saudi-based ACWA Power has announced the start of construction on the 100MW Redstone solar thermal project in South Africa following financial close of the deal, according to reports.
That project will be South Africa’s largest when completed, coming in at a cost of roughly $830 million in total investment.
ACWA was awarded the contract to build the concentrated solar power plant in 2015, but only this week secured financing. According to Arabian Business, ACWA Power’s co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the local community.
Located near Postmasburg in the Northern Cape, Redstone is due to produce 100 MW, and use molten salt technology to store energy.
The plant will be equipped with a 12-hour thermal storage system that will deliver clean and reliable electricity to nearly 200,000 households around the clock.
The power from the plant is expected to be delivered at the end of 2023.
Also this week, ACWA Power launched a maiden Islamic bond (sukuk), listed in Saudi Arabia only.
ACWA also secured a deal to build a wind project in Uzbekistan just last week.
