OPIC to fund 60 MW South African PV project

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OPIC’s board of directors approved the financing for the 60 MW photovoltaic plant, which will be constructed and operated by MEMC and its subsidiary SunEdison in Boshoff. The generated electricity will be sold to the national grid through a power purchase agreement.

The plant will be built under South Africa’s Renewable Energy Independent Power Producer Program (REIPP), which aims to have 3.725 GW online by 2016. "By involving two local firms as co-sponsors along with its U.S. investors, the project will also help South Africa meet the Black Economic Empowerment (BEE) objectives of the program," said OPIC in a statement released.