Abengoa closes $660M in financing for South Africa solar power plant

Abengoa SA, an energy and environment company based in Spain, closed $660 million in project financing for a solar power plant in South Africa.

The financing is for a 100-megawatt solar thermal plant it plans to build in Northern Cape Province. The Xina Solar One facility will cost $880 million in total and generate enough electricity for at least 95,000 homes, Abengoa said.

Institutions including the African Development Bank and Development Bank of South Africa as well as local investment banks including Nedbank Group Ltd. took part in the non-recourse financing agreement. The Xina project will supply electricity to Eskom Holdings SOC Ltd., South Africa’s power utility, under a 20-year power-purchase agreement.

Read more: Abengoa Closes $660 Million in Financing for Africa Solar – Bloomberg Business.