Abengoa Signs Power Purchase Agreement and Secures Financing of Xina Solar One, 100 MW Solar Thermal Plant in South Africa
December 15 2014 - 3:58AM
- Total investment of the project will be approximately USD 1
billion.
- The plant incorporates 5 hours of storage capacity to
meet energy demand at dawn or dusk.
- This new plant will be part of the largest solar complex
in Africa.
Abengoa (MCE:ABG.B/P SM) (Nasdaq:ABGB) an international company
that applies innovative technology solutions for sustainability in
the energy and environmental sectors, announced today that, in an
institutional ceremony with the Department of Energy of South
Africa at their premises in Centurion, it has, with its partners
the Industrial Development Corporation (IDC), the Government
Employees Pension Fund represented by the Public Investment
Corporation (PIC) and Kaxu Community Trust, signed the Power
Purchase Agreement (PPA) and secured the financing of Xina Solar
One. The 100 MW plant features parabolic trough technology with a
five-hour thermal energy storage system using molten salts.
Abengoa has secured the project financing agreement with
development financial institutions such as the African Development
Bank, the International Finance Corporation, Industrial Development
Corporation and the Development Bank of Southern Africa; and local
private banks such as RMB, Nedbank and ABSA. Xina Solar One will
supply clean electricity to Eskom, South Africa's power utility,
under a 20-year power purchase agreement.
With a total investment of approximately USD 1 billion,
construction of Xina Solar One has already begun and the plant will
come online in the third quarter of 2017. Job creation will peak at
over 1,300 positions during the construction phase, generating 45
permanent jobs for plant operation and maintenance.
Xina Solar One will be located close to Pofadder, in the
Northern Cape Province, next to KaXu Solar One. These two 100 MW
plants will jointly shape the largest solar complex in Africa. Xina
Solar One will belong to a consortium, 40 % of which is controlled
by Abengoa. Other constituents of the consortium are IDC, PIC, and
KaXu Community Trust.
Xina Solar One will produce enough energy to serve more than
90,000 households and will prevent the emission of more than
398,000 metric tons of CO2 per year when compared to a natural gas
burning power plant.
Xina Solar One will be the third project of Abengoa in South
Africa, along with Kaxu Solar One (100 MW) and Khi Solar One (50
MW), both under advanced stage of construction. These three
projects contribute to South Africa's goal to introduce up to
17,800 MW of renewable energy by 2030 and reduce its dependence on
oil and natural gas.
Abengoa has partnered with the state-owned IDC, South Africa's
largest development finance institution, to create South Africa's
clean energy future by allowing the country to reduce its
dependence on fossil fuel for power generation, specifically
coal.
Abengoa solar business is a global solar power generation
company that offers proven proprietary technologies (solar thermal
and photovoltaic), innovating in the development of solar
technology and, developing and operating solar plants. The company
currently has a total installed capacity of 1,503 MW in commercial
operation, 260 MW under construction and 210 MW in the
pre-construction phase, distributed in 29 plants worldwide.
About Abengoa
Abengoa (MCE:ABG.B/P SM) (Nasdaq:ABGB) applies innovative
technology solutions for sustainability in the energy and
environment sectors, generating electricity from renewable
resources, converting biomass into biofuels and producing drinking
water from sea water. (www.abengoa.com)
CONTACT: Communication Department:
Patricia Malo de Molina Melendez.
Tel. +34 954 93 71 11
E-mail: communication@abengoa.com
Investor relations:
Barbara Zubiria Furest.
Tel. +34 954 93 71 11
E-mail: ir@abengoa.com