IDC funds Pele Green Energy, reaffirms its commitment to energy security in South Africa

SOUTH AFRICA – The Industrial Development Corporation (IDC), has said that its funding of black-owned Pele Green Energy, which is involved in South Africa’s largest renewable energy project, Redstone, underscored its “commitment to transformation” as well as improving security of energy supply in the country. Redstone is part of the South African Renewable Energy Independent Power Producers’ Procurement Programme (REIPPPP). After a long delay, in May 2021, Saudi-based ACWA Power announced that it has secured US$824.8 million to fund the 100MW Redstone concentrated solar power plant, after being awarded the…

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IPP Acwa Power secures US$500m funding for its Redstone solar power plant in Northern Cape

SOUTH AFRICA – Saudi Arabian independent power producer (IPP) Acwa Power, has raised US&500 million from the African Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance to finance the construction of Redstone concentrated solar power plant (CSP). Following the announcement of the fundraiser, construction work on the 100 MW capacity facility is set to begin. The announcement is an important milestone for this concession granted to Acwa Power…

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Solar plant Kom Ombo secures US$114m to finance its construction

EGYPT – Kom Ombo, the largest private-sector solar plant in Egypt, has secured US$114 million package, through ACWA Power, from a group of banks to finance its construction. The deal was signed by the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank (AfDB), the Green Climate Fund (GCF), and the Arab Bank. The package includes loans of up to US$36 million from the EBRD, US$18 million from the OPEC Fund, US$17.8 million from the AfDB, US$23.8 million from the GCF and…

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Acwa Power secures US$54m from EBRD for Egyptian solar power project

 EGYPT – Saudi Arabia based energy company, Acwa Power has secured a senior debt loan of US$54 million from the European Bank of Reconstruction and Development (EBRD) for the development of a solar power plant in Egypt. The funds according to a report by Africa Energy Portal will be used to specifically support the construction of the Kom Ombo solar photovoltaic power plant that is being developed by Acwa Power in Upper Egypt. Upon completion, the EBRD funding solar photovoltaic power plant is expected to generate about 200 MWp of…

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Silk Road fund acquires 49% stake in ACWA Power

AFRICA – ACWA Power, a power generating company operating in South and North Africa has completed the sale of a 49% share in ACWA Power RenewCo to Chinese investment fund Silk Road Fund.  ACWA Power RenewCo is ACWA Power’s renewable energy platform, which owns ACWA Power’s solar photovoltaic (PV) and wind assets across the MENA region – including UAE, Jordan and Egypt – and South Africa for a total of 1668MW.  The deal, which was initially announced in June 2019, is the third collaboration between Silk Road Fund and the…

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