Saudi-based ACWA Power is expected to invest $658 million in South Africa in order to boost trade and investment links between the Kingdom and the African continent.
The announcement was made on Oct.26 (Friday) at a conference to bolster investment in one of Africa’s most industrialized economy, reported Arab News.
Under the terms of the investment, the Central Energy Fund of South Africa and ACWA Power will co-operate on the joint power project to be set up in South Africa.
“ACWA Power will build the 100MW Redstone concentrated solar thermal power (CSP) plant and will be capable of supplying power to 210,000 homes once operational,” South African Minister of Trade and Industry Dr. Rob Davies said.
“South Africa looks forward to new trade and investment opportunities, and to setting up joint ventures with Saudi companies,” he further added.
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