Right after its announcement approving $50-million for the GEF Africa Growth Fund, the Overseas Private Investment Corp. (OPIC) has now approved up to $250 million for a 60-MW solar power plant in South Africa. The US’ development financier and two local firms will sponsor the project that will generate power into South Africa’s national grid through a PPA.
The funding will also allot for two US companies, MEMC Electronic Materials and its subsidiary SunEdison, to construct and operate the solar PV plant in the Free State province.
“South Africa’s ambitious and impressive renewable energy program has established the country as a leader in the field,” said OPIC President Elizabeth Littlefield. “We’re pleased to work with an experienced developer such SunEdison to deliver so many developmental benefits for South Africa, from the reduction of pollution and displacement of GHG emissions to the creation of local jobs and the realization of the country’s BEE program goals.”
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