SOUTH AFRICA SOLAR INVESTMENT $1 BLN
ENERDATA - 4 Jun 2021 - The South African Department of Mineral Resources and Energy has awarded three solar projects (Kenhardt 1-3) totalling 540 MW to Scatec under the technology agnostic Risk Mitigation Power Procurement Programme (RMIPPP). Located in the Northern Cape province, the projects, which would require a US$1bn investment, include a 225 MW/1,140 MWh battery storage. Financial close is expected in 2021 and grid connection by the end of 2022. The power will be sold under a 20-year power purchase agreement (PPA) with a paid capacity charge. Scatec expects to raise debt from a consortium of commercial banks and development finance institutions to fund the projects. The plants will be owned by a joint venture between Scatec (51%) and H1 Holdings (49%).