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South African coal producer Exxaro Resources has secured a US$700mn funding for two wind farms that it is developing with India's Tata Power in South Africa
According to a Bloomberg report, Pretoria-based Exxaro said in a statement that Exxaro and Tata Power’s Cennergi clean-power joint venture has secured the financial aid from Standard Bank Group (SBK), Nedbank Group’s (NED) Nedbank Capital unit and the International Finance Corporation for the wind projects.
South Africa, where Eskom Holdings has been struggling to meet rising power demand with coal-fed plants, has plans to add 3,725MW from renewable sources by 2016.
Cennergi’s two projects, the Tsitsikamma Community wind farm and the Amakhala Emoyeni project, will be expected to generate 229MW.
Exxaro said, “The 95MW Tsitsikamma Community wind farm near Clarkson in the Eastern Cape province is expected to achieve commercial operation from its 31 turbines in 2016.” Cennergi owns 75 per cent of the project with Watt Energy, with a community development trust holding the rest.
The Amakhala Emoyeni wind-farm project, located near Bedford in the same province, will produce 134MW from 56 turbines.