South Africa’s Central Energy Fund (CEF) has signed an agreement with ACWA Power to invest in the 100 MW Redstone concentrating solar power (CSP) plant.
The Redstone project is being developed in South Africa’s Northern Cape province by ACWA Power and SolarReserve, with construction due to start in late 2018. CEF will invest in the project under a cooperation agreement, ACWA Power said.
The cooperation agreement will also result in further collaboration between CEF and ACWA Power in South Africa’s renewable energy sector.
“We are pleased to enter into this agreement, which further strengthens our efforts supporting South Africa’s renewable energy programme,” said ACWA Power’s chairman Mohammad Abunayyan.
The Redstone CSP will include 12 hours of full-load energy storage using SolarReserve’s molten salt energy storage technology in a tower configuration.
A 20-year power purchase agreement (PPA) for the electricity was signed in April with South African utility Eskom. The project was selected within the 3.5 bid window under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).