ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in 13 countries and the lead shareholder in the Redstone concentrated solar power (CSP) plant, announced the commencement of construction on the 100 MW Redstone project following achievement of financial close. At ZAR 11.6 billion total investment, the Redstone project is the largest renewable energy investment in South Africa to date.
The project has secured financing from leading international and South African financial institutions including African Development Bank (AfDB), ABSA Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank Limited, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance. For further information see the IDTechEx report on Distributed Generation: Off-Grid Zero-Emission kW-MW 2020-2040.
RIYADH: ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund (PIF), on Monday announced it had started construction on South Africa’s largest ever renewable energy project.
The Redstone concentrated solar power (CSP) plant begun construction after it raised 11.6 billion rand ($828 million) from a range of South African and international banks. Once complete, the Redstone plant will power 200,000 households. It is due to start operations in the fourth quarter of 2023.
Paddy Padmanathan, president and chief executive officer of ACWA Power, said in a press statement: “Redstone CSP adds another superlative to our budding record in South Africa, being the largest renewable energy investment to date. As grid links are improved, the ingenuity of the private sector together with the great support of experienced finance partners has the potential to spark lasting impact for local communities and address the threats of climate change.”
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ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in 13 countries and the lead shareholder in the Redstone concentrated solar power (CSP) plant, announced the commencement of construction on the 100 MW Redstone project following achievement of financial close. At ZAR11.6 billion total investment, the Redstone project is one of the largest renewable energy investments in South Africa to date.
The project has secured financing from leading international and South African financial institutions including African Development Bank (AfDB), ABSA Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank Limited, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance.
Petrol prices in South Africa are at an all-time high â and taxes siphon 65% from every litre sold May 02, 2021, 04:12 PM
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Only 35% of the price you pay at the pump is for fuel. The rest of the cost of petrol goes towards taxes and levies.
In the 2020/21 financial year, a quarter of the petrol price was allocated to the General Fuel Levy, with the embattled Road Accident Fund siphoning a further 14%. Both levies were increased in April.
The Automobile Association and Parliament s Portfolio Committee on Mineral Resources and Energy have both called for a review of how South Africa calculates its petrol prices.