Abengoa Khi Solar I CSP Solar Plant

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In December 2011, a joint venture between Abengoa of Spain and South Africa's public Industrial Development Corporation (IDC) were awarded after a tendering process the rights to construct a 50 MW concentrating solar thermal power plant to be located in the Northern Cape region. The technology was to be a solar power tower, only the third of it's kind to be developed after the construction of 2 similar projects by Abengoa in Spain. The joint venture was owned 51% by abengoa and 49% by IDC. Abengoa later dold its 51% stake in the Khi solar project, which was purchased by Son Riviera Pty. 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 and the length of the contract was 20 years. Total project cost was estimated at USD 430 million, with expected comissioning for 2014. In December 2012, the IFC approved a financing package for Khi solar including a USD 90 million loan form its own account and and Clean Technologu Fund loan of USD 15 million. Debt to equity was approximately 70/30. The EIB provided a USD 50 million loan with 23.6 million from Proparca, a unit of the AFD. FMO also put in USD 35 million to financine the project http://www.solarnovus.com/index.php?option=com_content&view=article&id=3965:abengoa-awarded-two-csp-projects-by-south-africas-department-of-energy&catid=37:business-news&Itemid=241 http://www.ifc.org/ifcext/spiwebsite1.nsf/ProjectDisplay/SPI_DP31083