ENGIE (www.ENGIE-Africa.com) is pleased to announce that it has entered into an agreement to acquire from Abengoa a 40% stake in Xina Solar One, a 100 MW concentrated solar power plant, as well as 46% operations and maintenance company. The plant is equipped with parabolic trough technology and a molten salt storage system that provides 5.5 hours of energy storage to provide reliable electricity during peak demand. The electricity is subscribed under a 20-year power purchase agreement with Eskom (South African electric utility). Xina Solar One supplies clean energy to more than 95,000 South African households and prevents the emission into the atmosphere of approximately 348,000 tonnes of CO2 every year.
The plant is located in the North Cape of South Africa, which is also the location of ENGIE’s 100 MW Kathu CSP CSP plant. Xina Solar One increases ENGIE’s renewable footprint and is a further step in consolidating its position as the country’s leading independent electricity producer. Synergies between Xina and Kathu will be developed to further improve the operational efficiency of the two factories.
“With the acquisition of this project, ENGIE is pursuing its low carbon strategy. Xina increases the country’s installed peak power and reduces its dependence on coal-fired electricity. The 100 MW CSP plant also contributes to the geographic rationalization of ENGIE by expanding its presence in South Africa, where it is the leading independent producer of electricity with 1320 MW of installed capacity.. »Says Sébastien Arbola, CEO of ENGIE MESCATA.
Mohamed Hoosen, CEO of ENGIE Southern Africa, said: “ENGIE is considered a highly qualified IPP and a long-standing player in the South African power industry. We add an innovative high performance factory and increase our CSP capacity. This investment will create longer-term value while accelerating the impact on our customers’ energy transition.. “
The co-shareholders of Xina Solar One include Public Investment Corporation, a pension fund manager and a shareholder in ENGIE’s Kathu project (20%); Industrial Development Corporation, a development finance institution 100% owned by the South African government (20%); and Xina Community Trust, funded by IDC (20%). Xina Solar One, which began commercial operation in August 2017, was built by Abengoa.
Completion of the transaction is subject to compliance with certain conditions, including authorization for merger control by the competent competition authorities.
In South Africa, ENGIE has stakes in a CSP plant (100 MW Kathu), a wind farm (94 MW Aurora), 2 solar photovoltaic plants (21 MW) and 2 peak thermal plants (670 MW Avon and 335 MW Dedisa ).
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