US $50 million to 100MW renewable power project in South Africa
•The Redstone Concentrated Solar Power Project will supply 200,000 South African households with clean and reliable energy, offsetting approximately 480,000 tons of carbon per year
•Marks a landmark project finance investment in South Africa and demonstrates the commercial viability of concentrated solar project (CSP) technology, in enhancing clean energy generation
•This investment signals CDC’s first direct investment in South Africa and affirms its climate investment mandate

CDC Group (“CDC”), the UK’s development finance institution (DFI) and impact investor, has announced a US $50 million project finance direct debt investment to ACWA Power’s Redstone Concentrated Solar Power Project (“Redstone”) in South Africa. The project will provide 200,000 South African households with clean and reliable energy and help to offset approximately 480,000 tons of carbon per year – equivalent to the per capita emissions of 67,000 South Africans. This investment marks CDC’s re-entry into the South African market in direct investment.

CDC, AfDB, FMO, DEG and DBSA have partnered to invest in the Redstone project, which is developed and led by ACWA Power – a top tier global power developer and leader in CSP. Investments from DFIs has had a demonstration effect which has enabled participation from commercial investors, including ABSA, Investec, Nedbank and Sanlam. Also invested in the project is Pele Green Energy, the Government-owned Central Energy Fund, and a Community Trust aimed at benefitting the immediate area of the project. The lender