The Redstone Concentrated Solar Power (CSP) Project, South Africa’s largest renewable energy investment to date, has achieved its first debt drawdown.
Construction on the project in the Northern Cape province of South Africa, which falls under the country’s Renewable Energy Independent Power Producer’s bid window 3.5 that only focused on CSP power, started in May 2021, soon after it achieved financial close.
The plant is expected to start operating by the end of 2023.
The African Development Bank (AfDB) is acting as the mandated lead arranger and coordinating bank for the R11.6 billion ($764,63 million) total investment, with a commitment of R2,306bn ($151,95m).
The project has also secured financing from international and South African financial institutions including ABSA Bank, CDC Group, Development Bank of Southern Africa (DBSA), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Investec Bank, Nedbank Limited, Sanlam Limited and the Industrial Development Corporation of South Africa.
Redstone CSP is led by Saudi developer/investor ACWA Power which is also the lead shareholder in the project with co-shareholders including the Central Energy Fund, Pele Green Energy and the local community.
