ENGIE has reached an settlement to accumulate from Abengoa a 40% fairness stake in Xina Solar One, a 100 MW Concentrated Solar plant, in addition to 46% of the Operations & Maintenance Company.
The plant is supplied with parabolic trough expertise and a molten salt storage system that enables for five.5 hours of power storage to offer dependable electrical energy throughout peak demand.
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Power is contracted by means of a 20 12 months Power Purchase Agreement with Eskom (South African Electricity Public Utility). Xina Solar One is supplying clear power to greater than 95,000 South African households and prevents the emission into the environment of roughly 348,000 tons of CO2 annually.
The plant is positioned within the Northern Cape province of South Africa, which can also be the placement of ENGIE’s 100 MW Kathu CSP plant. Synergies between Xina and Kathu will likely be developed to additional improve the operational effectivity of each crops.
“With the acquisition of this undertaking, ENGIE is pursuing its low carbon technique. Xina augments the nation’s put in peaking energy and reduces its dependence on coal-fired electrical energy. The 100MW CSP plant additionally contributes to ENGIE’s geographic rationalisation by increasing its footprint in South Africa, the place it’s the main Independent Power Producer with 1,320MW of put in capability.” says Sébastien Arbola, CEO of ENGIE MESCATA.
Mohamed Hoosen, CEO of ENGIE Southern Africa commented: “ENGIE is valued as a extremely expert IPP and a long-term participant within the South African energy business. We are including an progressive high-performing plant and are rising our CSP capability. This funding will create worth over the long term whereas accelerating impression on the power transition of our prospects.”
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Co-shareholders on Xina Solar One embrace Public Investment Corporation, a pension fund supervisor and a shareholder on ENGIE’s Kathu undertaking (20%); Industrial Development Corporation, a growth finance establishment wholly- owned by the South African Government (20%); and Xina Community Trust, funded by the IDC (20%). Xina Solar One, which began business operation in August 2017, was constructed by Abengoa.
In South Africa, ENGIE has pursuits in a CSP plant (100 MW Kathu), a wind farm (94MW Aurora), 2 photo voltaic photovoltaic crops (21 MW) and a pair of thermal energy peaking crops (670 MW Avon and 335 MW Dedisa).
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