Absa is the lead arranger and the senior lender for the multi-billion rand project.
ACWA Power of Saudi Arabia is developing a R11.6 billion 100MW solar project in South Africa.
The bank said that the project is part of the countrys renewable energy programme.
A Saudi power company is going to build a R11.6 billion solar tower in South Africa and create jobs. Image: ALFREDO ESTRELLA/AFPSource: Getty Images
A CSP tower plant uses mirrors to generate electricity from a large area of sunlight.
The energy is then converted into thermal energy for power.
According to Shaun Moodley of Absa, the project will generate enough electricity to power about 50 000 homes.
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Source: Briefly News
Thando MpembeThando Mpembe is a sports journalist who has a passion for all things entertainment.
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In her spare time, Thando enjoys reading and spending time with family.
She is an advocate for mental health and believes that a healthy body starts with a healthy mind.
Thando holds an Honours Degree in Journalism from the University of Johannesburg.
Her favourite quote is “Gentle reminder - you are not for everyone and that is a blessing”.
Email: thando.mpembe@briefly.co.za
