British International Investment

ACWA Power Solar Reserve Redstone Solar Thermal Power Plant (RF) Proprietary Limited

Southern AfricaInfrastructure

ACWA Power, a top tier global power developer, will build the 100 MW Redstone Concentrated Solar Power (CSP) project in South Africa. The project was procured under the Renewable Energy Independent Power Procurement Programme (REIPPP) and will be among the first CSP projects in Africa.
ACWA POWER SOLAR RESERVE REDSTONE SOLAR THERMAL POWER PLANT (RF) PROPRIETARY LIMITED is the borrower under the facility

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

Alongside a consortium of lenders, CDC will provide senior debt to finance the construction of a 100 MW Concentrated Solar Power (CSP) project in South Africa. The project will have storage capacity of 12 hours, dispatchable during peak times when energy demand (and supply cost) is highest.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Once complete, the project will deliver 100 MW of concentrated solar power generation to displace expensive, high carbon diesel power in South Africa, reducing greenhouse gas intensity. The project will also demonstrate the commercial viability of CSP tower technology to enable a more significant long run reduction in greenhouse gas emissions.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    January 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D4083
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    Southern Africa
    Country

    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    :
    South Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Infrastructure

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Debt
    Start date :
    July 2019
    Amount :
    $49.39m
    Currency of investment :
    ZAR
    Domicile

    The company or investment fund’s place of incorporation.

    :
    South Africa

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