Yesterday, large scale solar power developer, SolarReserve announced that the construction of the 96MW Jasper solar power project was officially completed and is fully operational.
This goal has exceeded their target, finishing two months ahead of schedule, PRNewswire reported.
Located in a solar park in the Northern Cape of South Africa, the project took over 800 construction jobs equating to 1 million hours of labour intensive work, PRNewswire said.
To keep with the requirements of the South African Renewable Energy Independent Power Producer Procurement Program (REIPPPP), the project will contribute a percentage of its total revenue to community uplift, socio-economic development and corporate development.
‘In addition to helping South Africa meet its critical electricity needs, the Jasper Project will bring long lasting economic benefits to the region…
‘We look forward to continuing this positive momentum and bringing value to South Africa through collaboration on further projects, including our upcoming CSP projects that will provide South Africa with clean, reliable and non-intermittent electricity, day and night’, Kevin Smith, CEO of SolarReserve said.
The Jasper project will electrify 80 000 homes by generating 180 000 Mwh annually over a 20 year power purchase agreement (PPA) signed with state run utility Eskom, PRNewswire reported.
The project won in the second round of bidding in the REIPPPP, elected by the South Africa Department of Energy (DOE).
The project involved a group of renewable expert firms including SolarReserve, local investment firm the Kensani Group and Intikon Energy, local developers specialising in renewable technology.
A solid group of local and international shareholders have ownership rights and have equity investments in the project. Together they have combined experience in the full circle of a solar project from development, funding and operations.
Equity investors include the Public Investment Corporation (PIC), Intikon Energy, Kensani Capital Investments, Google, the PEACE Humansrus Community Trust, and SolarReserve with Rand Merchant Bank providing ‘preference share equity’, PRNewswire reported.
Baker & McKenzie, international legal company was involved in the legal affairs of the business, while the financials were handled by Kensani Eaglestone Capital Advisory, PRNewswire reported.