Enel Green Power RSA, Enel Group’s South African renewables company, signed the agreement with senior lenders Nedbank Limited and Absa Bank, according to the company's press release.
All project financing agreements of up to €950 million, namely up to 80 percent of the overall investment of around €1.2 billion on a portfolio of five new wind projects, total roughly 700 megawatts of capacity, the press release said.
The five facilities: Nxuba, Oyster Bay, Garob, Karusa and Soetwater, each have a capacity of around 140 MW, the company announced.
According to the press release, construction of the first project, Nxuba, is expected to start by the end of 2018.
“We have reached an important milestone in South Africa by achieving financial close on five major wind projects which confirm our continuing commitment to the country’s renewables sector, within a context of sustainable development.
"Enel Green Power will be supporting these processes by generating its emission-free energy in partnership with local shareholders and in cooperation with the local communities, according to our long-term vision of shared value creation,” Head of Enel’s Global Renewable Energies Division Enel Green Power, Antonio Cammisecra said in the press release.
The Garob, Karusa and Soetwater projects will be constructed in the Northern Cape province, while the Oyster Bay and the Nxuba wind farms will be built in the Eastern Cape province, the press release read.
Enel Green Power (EGP), the Renewable Energies division of Enel Group, is dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania.
In South Africa, EGP operates more than 520 MW of wind and solar plants. These include the 88 MW Nojoli wind farm, the 111 MW Gibson Bay wind farm in the Eastern Cape province, as well as photovoltaic plants Paleisheuwel with 82.5 MW situated in the Western Cape province, Tom Burke with 66 MW in the Limpopo province, Upington with 10 MW and Adams with 82.5 MW both located in the Northern Cape province, and Pulida with 82.5 MW located in the Free State province.
(Anadolu Agency)