Most South Africans are well aware of the country's pressing electricity shortage. Overseas Private Investment Corp. (OPIC), the US government’s development bank, has announced it will invest as much as $400 million in a South African solar thermal plant.
- Read an article published in 2012 with Andre Dippenaar, CFO of BioTherm Energy, "Adapt or Die".
Once complete, the Redstone solar project, which will be located in the Northern Cape, will provide electricity to over 200,000 homes during peak demand. California-based SolarReserve and ACWA Power, a Saudi Arabian electricity producer, are the project's developers.
According to SolarReserve's website, R5.6 billion in debt and R2.4 billion in equity from both local and international lending institutions have provided the project finance.
Established in 2013 OPIC, also part of Power Africa, is an Obama initiative which supports energy access in sub-Saharan Africa. The financial institution has pledged $1.5 billion of financing and insurance to energy projects across the region over the next three years.
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