Award to DEG-financed solar power project

South African solar power project ACWA Power Solafrica Bokpoort CSP Power Plant has been awarded the 2013 Solar Deal of the Year by the World Finance magazine.

Within the next few years, the plant's basis will be constructed in a rural area of the Northern Cape province, located in the north-western part of South Africa. It comprises a large solar field, a power block, and a high-performance thermal energy storage system as well as related infrastructure such as a grid connection.

The Bokpoort CSP Project is designed to fully comply with all applicable environmental laws, regulations and standards set out by World Bank and IFC, and with the South African Environmental, Health and Safety regulations. A long-term off-take agreement with ESKOM, the leading South African operator in the energy market, guarantees the purchase of the generated electricity for a period of 20 years.

The World Finance magazine not only recognised the project's financing, but also addressed the scale, scope and complexity of the plant: once completed, it will be the solar power plant with the longest amount of thermal storage in the world, due to its capacity to provide nine hours of storage with a net generation capacity of 50 MW. South Africa's first renewable technology at commercial scale will supply 21,000 homes with electricity, thereby making an important contribution towards the country's energy security.

DEG is involved in the project via its participation in the Lereko Metier Solafrica Fund 1 and the Lereko Metier Sustainable Capital Fund.

More information

World Finance Magazine