Gestamp Karoo Wind Farm

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The Karoo Renewable Energy Facility was a 75 MW wind energy facility to be located in Karoo, South Africa. The project was developed by a consortium comprising of the Spanish from Gestamp Corporation (60%), through their subsidiary Gestamp Wind, and the South African investment firm the Shanduka Group (25%). Other equity holders were SARGE (the Roux familiy), the land holder and original developer (12.5%), and Nobelsfontein Educational Trust (2.5%). The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power. Contractual negotiations on the PPA and financing were to be completed by June 2012, but it was predicted that there would be a 20 year PPA with the state owned utility, Eskom. Project advisers were: Standard Bank (Financial), Wind Prospect (Wind), Dewey & Le Boeuf (Legal) and, Savannah (EIA). Wind measurements were undertaken starting in October 2010. Total project cost was estimated at ZAR 1.7 billion (USD 220 million), with comissioning expected for 2014. The project applied for UNFCCC CDM financing. Senior debt was to be provided by Standard Bank. In November 2012, the project reached financial close, with financing provided by Standard Bank. http://www.nersa.org.za/Admin/Document/Editor/file/Consultations/Electricity/Presentations/Noblesfontein%20(Coria%20(PKF)%20Investments%2028)%20(Pty)%20Ltd.pdf http://www.shanduka.co.za/projects/Karoo-Renewable-Energy-facility/index.html?&re=1 http://www.bloomberg.com/news/2012-11-21/shanduka-may-boost-power-projects-to-more-than-200-megawatts.html http://renewables.seenews.com/news/gestamp-led-consortium-to-start-building-73-8-mw-s-africa-wind-farm-soon-report-318060