PIC in South Africa for $1.8 billion to support solar-thermal power generation project development

Publish Time:2015-03-20 Sources:Grasol

Recently learned that the African public investment company (PIC) scheme in South Africa 22 billion rand ($1.8 billion), is used to support the construction of two thermal power projects.
Two PIC to participate in the investment of the construction of thermal power plant is located in the northern Cape Town, South Africa Xina Solar One and Ilangalethu, total size of 200 mw, including 600 million rand Ilangalethu project will also debt financing.PIC will acquire a 20% stake in these two large solar-thermal power generation project.
Ben's is developing by the Spanish Solar company Xina Solar One thermal power plant is a capacity of 100 mw, configuration 5 hours hot molten salt storage tank type power station.The plant can meet the needs of the South Africa 95000 families, at the same time will reduce carbon dioxide emissions of 348000 tons per year.

And groove is also a 100 mw power station, installed scale Emvelo Ilangalethu project is made up of South Africa and other units to form a Ilangalethu is responsible for the development of the joint investment, the project configuration 4.5 hours heat storage, was completed in 2016 is expected to put into operation.

Eskom state power company (South Africa) supply 95% of electricity in South Africa, mainly use coal to produce electricity.Eskom, increasingly in recent years old thermal power unit has been difficult to meet the requirements of electricity in South Africa, Eskom27 plants with a total installed capacity of 42000 megawatts (mw), but still can't keep up with demand, electricity supply had to a power outage management measures in 2014.By March 2018, the company's five-year financing plan there is gap of 225 billion rand ($20 billion).South African finance minister attended the davos world economic BBS annual meeting in January, said the Treasury has decided to sell some assets in South Africa, for the predicament of Eskom raise money.In June 2015, Eskom probably will receive the first money to sell assets.
The serious energy shortages, South Africa's economy also caused a certain impact.The international monetary fund recently will be South Africa's growth prospects in 2015, from 2.3% to 2.1%, the power supply is not stable is probably one of the main reasons.This has prompted the South African government as soon as possible is an urgent need to find the new energy can replace Eskom large coal-fired power stations.
In this context, South Africa is full of sunshine throughout the year and has a good wind resources of coastal areas gradually cause the attention of the investors.They recognize the great potential for development in the field of renewable energy in South Africa, because its development will greatly mitigate its regular power cut industrial development problem of reality.
In January, South Africa department of energy has Solar Reserve and Saudi ACWA Power 100 mw with a consortium led by elected solar-thermal Power generation project subcontracting.Development of the project is of a third round of renewable energy independent electricity generators (REIPPPP) part of the procurement plan.