Abengoa KaXu Solar I CSP Solar Plant

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In December 2011, a joint venture between Abengoa (MCE: ABG) of Spain and South Africa's public Industrial Development Corporation (IDC) were awarded after a tendering process the rights to construct a 100 MW concentrating solar thermal power plant to be located in the Northern Cape region. The technology was to be a solar parabolic trough. The joint venture was owned 51% by Abengoa and 49% by IDC. Precise details of the PPA were not released with the announcment, with the understanding that contractual negotiations would be finalized by June, 2012. The project was awarded through a governmnet tender where the projected price of power was a significant factor in the decision made. Total project cost was estimated at USD 844 million, with expected comissioning for 2015. In December 2012, the KaXu project reached fiancial close. Full details of the transaction were not released, however the IFC did provide USD 125 million in loans from its own account and USD 25 million in loans from the CTF. Debt was provided with an 18 year tenor with the particiaption of local public banks IDC and the Development Bank of South Africa. In addition, two local commercial Banks, Nedbank and RMB Bank participated in the loan tranche. http://www.energyefficiencynews.com/articles/i/4706/ http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/5423D144CCE0745A42257AB40057227A http://www.prnewswire.com/news-releases/abengoa-awarded-two-csp-projects-by-south-africas-department-of-energy-135211383.html