SA wind project financial close announced

21 June 2013 – The US$213 million 94 MW West Coast One wind project in South Africa has confirmed its financial close, as announced by GDF Suez, together with its partners Investec and Kagiso Tiso Holdings. GDF Suez holds a 43% equity interest in the project, while Investec owns 34.5% and Kagiso Tiso Holdings has a 20% interest. The remaining 2.5% will be allocated to a community trust.

The consortium was selected as preferred bidder for this project in May 2012 and signed a 20 year power purchase agreement (PPA) with Eskom Holdings, South Africa’s state-owned utility, in May 2013.

GDF Suez chairman and chief executive Gérard Mestrallet says, "West Coast One demonstrates our growth ambitions in fast growing markets, and supports South Africa’s objective of increasing the contribution from renewable power in its generation mix. Together with Tarfaya, this project confirms GDF Suez as an important developer of wind projects in Africa."

Vestas is the OEM supplier of turbines to the project and will be supplying 47 V90 2-megawatt turbines, these to be delivered in the third quarter of 2014. The wind farm is due to start production of power by May 2015.