Overseas Private Investment Corporation (OPIC), a development finance institution of the US government, has dedicated $250m towards the development of its first 60MW solar power project in South Africa.
The financing will enable two American firms, MEMC Electronic Materials, and its subsidiary, SunEdison, to build and operate the solar photovoltaic plant in Boshoff, located in South Africa's Free State province, according to powertechnology.com.
Under a power purchase agreement, the electricity generated by the power plant will be sold to the national grid.
The project, which is expected to help diversify South African electricity generation beyond its heavy coal concentration, will also help meet the Black Economic Empowerment objectives of the programme.
For more solar power news