South African solar energy project receives $142 million in funding

July 2, 2014 0 By Bret Williams

Solar energy funding

African Development Bank provides financial support to Project Xina

South Africa is beginning to become a very active renewable energy market, thanks to the country’s Renewable Energy Independent Power Producers program. The program is designed to supply financial support for domestic energy projects that make use of renewable resources. Through this project, the African Development Bank has been able to provide funding for ambitious energy projects, such as Project Xina, which is based in the Northern Cape Province.

Project Xina boasts of a maximum capacity of 100 MW

Project Xina has received a $142 million loan from the African Development Bank. The project represents one of South Africa’s largest solar thermal energy systems. Parabolic trough reflectors are being used by the project to amplify sunlight, thereby increasing its energy potential. Currently, the project boasts of a maximum capacity of 100 megawatts, but more capacity could be added later on as the project expands. Project Xina currently needs approximately $900 million in investments in order to complete development and begin generating electrical power.

South Africa aims to leverage new solar energy projects to attain its sustainability goals

This project is part of South Africa’s endeavor to install some 3.7 gigawatts worth of renewable energy capacity throughout the country by 2016. South Africa aims to increase its renewable energy capacity by an additional 9.4 gigawatts by 2030. Through the adoption of clean energy, the country also hopes to cut down on the emissions that it is responsible for, becoming more environmentally friendly and securing a more sustainable future.

South Africa also pursuing the establishment of a domestic fuel cell industry

Solar power has begun to find traction in South Africa, but it is not the only form of clean energy that the country is focusing on. The South African government is also involved in the establishment of a domestic fuel cell industry. South Africa is home to the world’s largest supply of platinum, which is used in nearly all fuel cells. A domestic fuel cell industry could have major economic benefits for the country and help it accelerate its renewable energy plans.