Google invest R100m in R2.6bn South African solar energy project

Posted On Friday, 31 May 2013 10:44 Published by Commercial Property News
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Google injects R100m investment in the Jasper Power Project, a 94MW solar photovoltaic plant in the Northern Cape province of South Africa.

Jasper-powerUpon completion, Jasper will be one of the largest solar installations on the continent, capable of generating enough electricity to power 30,000 South African homes.

The project, developed as part of the South African government’s innovative Renewable Energy Independent Power Producer Procurement Program (REIPPPP), has the potential to help transform the grid in a country that has both great need and great potential for renewable energy.

The R2.6bn project is being developed and funded by renewable energy developer Intikon Energy, empowerment investment firm the Kensani Group, and US energy firm SolarReserve.

Other backers include Rand Merchant Bank, the Public Investment Corporation, Development Bank of South Africa and the PEACE Humansrus Trust.

Luke Mckend, Country Director, Google South Africa, said, “When we consider investing in a renewable energy project, we focus on two key factors. First, we only pursue investments that we believe make financial sense. South Africa’s strong resources and supportive policies for renewable energy make it an attractive place to invest — which is why it had the highest growth in clean energy investment in the world last year. Second, we look for projects that have transformative potential — that is, projects that will bolster the growth of the renewable energy industry and move the world closer to a clean energy future. The Jasper Power Project is one of those transformative opportunities, and the Department of Energy’s innovative REIPPPP has played a key role in making it possible.”

The project will also bring economic and social benefits to the local community. Jasper will create approximately 300 construction and 50 permanent jobs in a region experiencing high rates of unemployment, as well as providing rural development and education programs and setting aside a portion of total project revenues – amounting to approximately $26M over the life of the project – for enterprise and socio-economic development.

Last modified on Wednesday, 06 November 2013 08:19

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