ACWA Power inks investment deal with South Africa’s Central Energy Fund

Saudi Arabia’s ACWA Power Co. has signed an investment agreement with the Central Energy Fund of South Africa to establish the framework for both entities to co-invest in renewable energy projects, the company said in a statement.

ACWA Power plans to begin cooperation with the 100MW Redstone concentrated solar thermal power (CSP) plant South Africa’s in Northern Cape Province.

“The CSP plant which will go into construction later this year and feature solar energy storage technology that will allow solar energy to be utilized to generate electricity not only when the sun is shining but also through the night cumulatively dispatching 480,000 megawatt-hours per year,” the statement said.