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Abengoa secures $37 million from IFC to fund Xina Solar One project
By Lisa Kerner
Charlotte, N.C., March 16 – International Finance Corp., a member of the World Bank Group., is providing a $37 million loan to support Abengoa SA’s new solar thermal electricity power facility, Xina Solar One, in South Africa.
The loan is part of a $660 million financing package with support from partners such as the Industrial Development Corp., the Government Employees Pension Fund represented by the Public Investment Corp. and Kaxu Community Trust. Also participating were other development financial institutions, including the African Development Bank and the Development Bank of Southern Africa, and local private banks such as RMB, Nedbank and ABSA, according to a news release.
IFC has supported several renewable energy projects developed under South Africa’s Renewable Energy Independent Power Producer Procurement Programme, including the 134-megawatt Amakhala wind farm in the Eastern Cape.
Inspired by the program, IFC and its partners in the World Bank Group recently launched the Scaling Solar program which seeks to create a competitive solar power market in the rest of Sub-Saharan Africa, said Bertrand de la Borde, IFC head of infrastructure in Africa.
The scaling program offers African governments a comprehensive solution to launch privately funded solar projects to supply electricity to national power grids within two years, the release stated.
IFC, a World Bank member and lender to the private sector in developing countries, is based in Washington, D.C.
Abengoa applies technology solutions for sustainability in the energy and environment sectors. The company is based in Seville, Spain.
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