Bokpoort concentrated solar power project boasts world’s largest thermal storage for a CSP plant
The US$550-million deal to fund the Bokpoort concentrated solar power (CSP) renewable energy project, facilitated by Absa Bank Limited’s (Absa) Corporate and Investment Banking division, member of Barclays, has been named “African Renewable Deal of the Year” in the 2013 Project Finance International awards. The award was announced last night at a ceremony in London.
The accolade comes after the project was also recognised in 2013 as the “Solar Deal of the Year” by World Finance magazine.
Absa was a joint mandated lead arranger in the renewable energy deal, providing part of the 18-year debt funding.
Bokpoort is a greenfield project being developed on a BOO (build, own and operate) basis located in South Africa’s Northern Cape province. The project has a net generation capacity of 50 MW with 9-hours of thermal energy storage.
Once completed Bokpoort will boast the world’s largest thermal storage for a CSP power plant, equipping it to deliver power well after sunset. As such, the Bokpoort power plant can provide additional peaking power for the country’s electricity grid - an important achievement in South Africa’s renewables sector.
The funding programme was a stand-out deal in the second round of the South African renewable energy independent power project programme (REIPPP).
“These accolades awarded by Project Finance International and World Finance magazines demonstrate Absa’s strong capacity in project finance, particularly in the increasingly crucial renewable energy sector. We are delighted that the importance of the transaction has been recognised with these awards,” said Philip Lindop, Head of Investment Banking at Barclays Africa Group.
“Project finance remains a key area of strategic focus for us and this recognition underlines the progress we are making in this sector, as well as our unrivalled global reach,” added Lindop.
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About Corporate and Investment Banking at Absa:
Corporate and Investment Banking, a division of Absa Bank Limited (Absa) and a member of Barclays Africa Group, is a leading South African corporate and investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.
About Project Finance International
Project Finance International (PFI) is the world’s leading source of global project finance intelligence. After more than 17 years, PFI remains at the forefront of this industry and is the most comprehensive, authoritative and editorially independent publication to serve this sector. Reporting on the entire lifecycles of deals – from initial market talk through to post-completion analysis – PFI provides the essential pipeline information, sector news, historical data and deal analysis.
About World Finance
World Finance is a critically acclaimed London-based bi-monthly magazine and website providing in-depth coverage and analysis of the financial industry, economics and major companies.