IFC loans $37 million for solar project in South Africa’s Northern Cape

The IFC announced that it is providing a $37 million loan to support the 100MW Xina Solar One facility being developed by Abengoa in South Africa’s Northern Cape region.  Once completed the solar thermal electricity power facility will provide clean energy for 95,000 households in the area, creating jobs and reducing carbon emissions.

The loan is part of a $660 million financing package being provided by partners including South Africa’s Industrial Development Corporation, the Public Investment Corporation on behalf of the Government Employees Pension Fund, Kaxu Community Trust, The African Development Bank and the Development Bank of South Africa.  Local private banks Nedbank, ABSA and RMB are also participating.

Xina Solar One is a greenfield thermal electricity power plant that will supply clean electricity to South African utility Eskom under a 20-year power purchase agreement.

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