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Thursday, 07 August 2014

EIB finances South African R1,4 billion renewable energy project

The Development Bank of Southern Africa (DBSA) is pleased to announce that it signed with the European Investment Bank (EIB) a R1,4 billion finance contract to support the development of the  !Ka Xu 100 MW concentrated solar power in the Northern Cape, South Africa.

The South African energy sector is faced with a number of challenges. And as the DBSA, we are encouraged by the EIB’s trust and confidence towards our investment strategy in supporting South Africa´s power generation infrastructure to improve the security of energy supply and optimise the energy mix which is much needed to accelerate the economic growth of South Africa.

Once fully developed the !Ka Xu concentrated solar thermal plant will collect solar energy using parabolic trough technology and convert it into electricity in the steam cycle. Through a built-in molten salt storage system or the thermal energy storage (TES), the plant will have capacity to store energy during off peak hours and dispatch it during peak hours.

Source: European Investment Bank

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