ITOCHU Announces the Launch of a 75 MW Solar Power Plant in the Republic of South Africa
ITOCHU, Japan: ITOCHU Corporation announced that on November 5, 2012 Scatec Solar (Norway), where ITOCHU owns a 37.5% stake, concluded an agreement with the South African state-owned power utility Eskom to sell power for a period of 20 years. The company was selected by the South African government as a preferred bidder for the 75 MW solar (photovoltaic) power plant in December last year. The total cost of the project, which will be built in the Northern Cape region, is approximately 200 million euro. The first round of financing based on a financial agreement concluded with Standard Bank (South Africa) was received on November 19, 2012, and construction has started with the aim of starting operations in January 2014. The 105-hectare site will be covered by more than 300,000 solar (photovoltaic) panels, and is expected to generate more than 145 GWh a year. As a result, the plant will provide power consumption equivalent to approximately 35,000 households and, at the same time, a CO2 reduction effect of 125,000 tons a year is expected. A portion of the profits will also be ploughed back into the local economy to improve education and public health. (Source: http://www.itochu.co.jp/en/news/2012/121130.html)