OPIC Funds South Africa Solar Project
The Overseas Private Investment Corporation (OPIC), the United States’ government development finance institution, has approved funding for a US$400 million solar power project in South Africa.
The funding is part of the administration’s “Power Africa,” a US$7 billion initiative to boost access to electricity in Sub-Saharan Africa.
The project will be jointly developed by Saudi Arabia’s ACWA Power and SolarReserve, a company based in California. The 100-megawatt Redstone plant will be built in South Africa’s Northern Cape province. It is scheduled to begin generating power in 2018.
“The Redstone project marks an important technology advancement for South Africa in solar power,” SolarReserve’s CEO Kevin Smith said. “Due to the fully integrated thermal energy storage, the plant will provide dispatchable power on-demand, just like conventional coal, oil, nuclear or natural gas-fired power plants, but without the harmful emissions or hazardous materials and without any fuel cost.”
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