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Goldwind’s South African Golden Valley and Excelsior Projects Achieved Financial Closures
2018-08-08
Source: GOLDWIND

Goldwind Africa, a subsidiary of Goldwind, and BioTherm Energy, a local developer in South Africa, signed the engineering, procurement and construction (EPC) contracts and 5 years O&M service agreement for Golden Valley and Excelsior projects. Recently, the projects successfully achieved financial closures.

Golden Valley and Excelsior are both part of the fourth round of the IRP2010, a public bidding project run by the South African Renewable Energy. The projects use 61 Goldwind GW121-2.5MW direct drive turbines. South African Department of Finance provided financing assurance for PPA and local Nedbank provided loans. Goldwind delivers integrated solutions of wind farm design, turbines supply, transportation and installation, engineering and construction.

On April 4, 2018, Jeff Radebe, Minister of Energy of South Africa, signed 27 renewable-energy independent power producer (IPP) projects. Power purchase agreements (PPAs) between these projects and South African electricity public utility Eskom were signed on same day. EPC contracts and rapid achievement of financial closures again demonstrated that the premium quality and reliability of Goldwind turbines are highly recognized by the local investors and banks of South Africa.

Golden Valley and Excelsior wind farms will finish the design aspect and start construction this year. The two projects are expected to create more than 1,000 jobs during construction period for South Africa and deliver more than 560GWh clean energy for local usage, which will make active contributions for the development of renewable energies in Africa.