Norway-based Scatec Solar has begun construction on a 75 MW photovoltaic project in South Africa, having signed a final agreement with the country’s Department of Energy.
The plant, which has been developed through Scatec Solar’s South African joint venture, Scatec Solar SA, will be built on the Northern Cape, in Kalkbult. It is expected to generate enough energy to supply 35,000 households when complete next autumn. The electricity will be sold to Eskom under a 20 year PPA.
The €200 million capital investment needed for the project will come from South Africa’s Standard Bank. Meanwhile, Scatec Solar is the majority owner and will provide equity financing, along with Stand Bank, Old Mutual Life Assurance Company and Simacel.
"The next two projects that Scatec Solar will construct in South Africa are expected to close in March 2013. When these are in production, Scatec Solar will have completed PV projects of 185 MW in total," said the company in a statement released.
Last week, Standard Bank announced it would underwrite $1 billion worth of debt for the first batch of photovoltaic and wind projects, which signed contracts with South Africa’s Department of Energy under the country’s Renewable Energy Independent Power Producer Programme (REIPPP) on November 5.
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