Renewables Wind

94 MW Western Cape wind project reaches financial close

Terence Creamer | 11th June 2013 | Engineering News

Global energy company GDF Suez has followed up its recent announcement that it will be proceeding with two open-cycle gas-turbines in South Africa with news that it, Investec and Kagiso Tiso Holdings have reached financial close for a €160-million (around R2.2-billion), 94 MW wind project, in the Western Cape.

The project in question is West Coast One, located 130 km north of Cape Town and which is expected to reach commercial operation in mid-2015.

GDF Suez holds a 43% equity interest in the project, Investec, 34.5%, and Kagiso Tiso Holdings, 20%, with the remaining 2.5% to be allocated to a community trust. In addition to investing equity in the project, Investec, jointly with Nedbank, have underwritten approximately R1.5-billion of debt required for the development of the wind farm. Continue reading

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