South African coal production firm Exxaro Resources announced the completion of SARand7billion or US$700 million investments for two wind farms in the African continent's largest economy. The project was completed in partnership with Tata Power Co.
The clean power joint venture obtained financing from Standard Bank Group Ltd and Nedbank Group Ltd unit Nedbank Capital together with the International Finance Corp. The remaining amount or SARand1.8 billion equity portion would be shouldered by Tata Power. This was confirmed by Exxaro through an emailed statement.
According to Pretoria, SA based Exxaro, the 95 megawatt Tsitikamma community wind farm 'is expected to achieve commercial operation from its 31 turbines 2016.' About 75% of the project is owned by Watt Energy according to Cennergi, while a community development trust would be managing the rest.
The two projects would be located near Clarkson in the Eastern Cape Province while the other one is in Bedford in the same area. The latter project would be producing 134 megawatts from 56 turbines.
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