Exxaro, Tata Power venture closes $700m funding for two wind farms in South Africa

CTBR Staff Writer Published 13 June 2013

Cennergi, the joint venture between Exxaro and Tata Power, has completed ZAR7bn ($700m) funding for two wind power facilities in South Africa.

Exxaro and Tata Power will invest around ZAR1.8bn ($180m) and the remaining will be funded by Standard Bank, the International Finance Corporation and Nedbank Capital.

The funds will be employed in the development of 134MW Amakhala Emoyeni and 95MW Tsitsikamma Community wind farms, located in the Eastern Cape Province.

The Amakhala Emoyeni wind farm will consist of 56 Suzlon turbines, while the Tsitsikamma Community wind farm will feature 31 Vestas turbines.

The Amakhala Emoyeni wind farm is owned 95% by Cennergi and 5% by the community trusts, while the Tsitsikamma farm is owned 75% by Cennergi, 16% by Watt Energy and 9% by Tsitsikamma Community Trust.

The wind farms were awarded under the second round of Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). They are expected to become operational in 2016.

Through the REIPPPP, the Department of Energy is planning to achieve 3625MW of large-scale renewables capacity in the country.

Source: http://wind.cleantechnology-business-review.com/news/exxaro-tata-power-venture-closes-700m-funding-for-two-wind-farms-in-south-africa-130613

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