ACWA POWER SOLARRESERVE REDSTONE SO (FMO-55499)

Countries
  • South Africa
Where the impacts of the investment may be experienced.
Specific Location
Hay District
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
ACWA Power
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 39.22 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported ZAR 566.32 MLN
Converted using 2019-03-18 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 19, 2019

Disclosed by Bank Mar 18, 2019


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Project Description

The project entails the construction and operation of a concentrating solar thermal power (CSP) plant in the Hay District, 30 km from Postmasburg in the Northern Cape Province, Sout Africa. The project includes associated infrastructure and services, for the generation of renewable electricity to the national power grid. It will be capable of producing approximately 480 gigawatt-hours (GWh) net of renewable energy annually, with a nominal net generating capacity of approximately 100 megawatts (MW).

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

The Project's Sponsors are ACWA Power and SolarReserve. ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants with operations in 12 countries in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (IFC). SolarReserve, the technology provider, has its headquarter in Santa Monica, California with regional offices in Australia, Chile and South Africa . It was formed in 2007 to develop utility-scale CSP and PV projects. SolarReserve will be supplying its proprietary molten salt technology into the Redstone project.

Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism