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Johannesburg - A historically disadvantaged community in the Kouga Municipality, in the Eastern Cape, will receive a 40% stake in a new wind farm project, Red Cap Investments said on Wednesday.
"The project brings together the extensive experience of one of Europe's leading renewable energy power producers, while at the same time enabling the local community to benefit significantly through their 40% ownership," managing director Mark Tanton said in a statement.
The department of energy approved the company's bid for the new 111 Megawatt wind farm, to be built at Gibson Bay, on Tuesday.
The 37-turbine project, costing R2.25bn, would enter commercial operation in early 2017. It is expected to generate at least 424 Gigawatt hours each year.
The project would be majority owned, built and operated by Enel Green Power SA, a subsidiary of Enel Green Power SpA.
"Red Cap is developing a substantial proudly South African wind energy portfolio and going forward will augment its growth by engaging with parties which have not been successful in previous bids," Tanton said.
Red Cap also led the successful bid for the Kouga Wind Farm project at Oyster Bay, which is now being built. This 32-turbine wind farm is expected to start contributing power to the Eskom grid in the last quarter of 2014.
