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Enel signs project financing for 700 MW of wind projects (South Africa)

Italian energy group Enel Green Power has secured project financing agreements totaling €950m (US$1.1bn) for the construction of five new wind projects in South Africa, namely Nxuba, Oyster Bay, Garob, Karusa and Soetwater, which will have a capacity of around 140 MW each, i.e. a total planned capacity of 700 MW. The five wind parks were all awarded in the fourth round of the South African government’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

The funds covered by the financing agreements will make up to 80% of the overall investment of around €1.2bn (US$1.4bn) required for the project. Enel itself will contribute to roughly €230m (US$269m) in equity for the construction.

The construction of the first project (Nxuba) is expected to start by the end of 2018. Oyster Bay and Garob are expected to break ground by the first half of 2019 while Soetwater and Karusa are expected in the second half of 2019. Nxuba is expected to come onstream in the second half of 2020, Oyster Bay in the first half of 2021, while Garob, Soetwater and Karusa will be commissioned in the second half of 2021. Once operational, the five projects are expected to generate around 2.6 TWh/year.


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