Abengoa secures USD 660m for 100-MW CSP project in S Africa
March 13 – Spain’s Abengoa SA (BME:ABG) and its partners have closed USD-660-million (EUR 627.4m) in non-recourse project financing for the 100-MW Xina Solar One concentrated solar power (CSP) project in South Africa.
The funds come from development financial institutions such as the African Development Bank and the International Finance Corp (IFC) along with local investment banks including Nedbank and Rand Merchant Bank.
The Xina Solar One project calls for a total investment of about USD 880 million. It involves the construction of a parabolic trough solar facility with a five-hour thermal energy storage system that will use molten salt. The park will be built near the city of Pofadder in the Northern Cape province and will be in proximity to Abengoa’s 100-MW KaXu Solar One plant, which has already commenced commercial operations as announced in the beginning of March.
Upon completion, Xina Solar One will be able to generate enough power for over 95,000 homes annually. It already has a 20-year power purchase agreement (PPA) in place with local utility Eskom.
Abengoa owns 40% of the Xina Solar One project. Its other owners are the South African Industrial Development Corp (IDC), Public Investment Corp (PIC) and KaXu Community Trust.
The Spanish company is also developing the 50-MW Khi Solar One CSP project in South Africa.
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