Johannesburg -
Cyril Ramaphosa's investment holding company Shanduka‚ together with its consortium partners‚ will shortly begin construction of a 73.8MW wind power project near Victoria West in the Karoo.
The project‚ Noblesfontein Wind Power Project‚ reached financial close earlier this month‚ Shanduka said on Thursday.
The project is one of those identified by the Department of Energy as part of the first round of its Independent Power Producer Procurement Programme.
Power purchase and implementation agreements were signed with the department and Eskom earlier this month.
Around R1.5bn will be invested in the project over the next two years. It is expected to start generating power from July 2014.
The project is driven by a consortium of Shanduka (with a 25% stake)‚ Gestamp Wind (60%)‚ a Spanish company that develops‚ constructs and operates wind farms in the world’s leading wind energy markets‚ and Sarge (12.5%)‚ a Cape Town-based renewable energy developer.
Of the shareholding‚ 2.5% is allocated to a communities trust.
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