As we search for investments that can help speed up the adoption of renewable energy, we’ve been looking beyond the U.S. and Europe to parts of the world where our investments can have an even greater impact. We’ve just closed our first investment in Africa: $12 million USD (103 million Rand) investment in the Jasper Power Project, a 96 megawatt solar photovoltaic plant in the Northern Cape province of South Africa. Upon completion, Jasper will be one of the largest solar installations on the continent, capable of generating enough electricity to power 30,000 South African homes. The project, developed and funded by SolarReserve, Intikon Energy and the Kensani Group, is also backed by Rand Merchant Bank, the Public Investment Corporation, Development Bank of South Africa and the PEACE Humansrus Trust.
View Jasper Power Project in a larger map
Just as compelling are the economic and social benefits that the project will bring to the local community. Jasper will create approximately 300 construction and 50 permanent jobs in a region experiencing high rates of unemployment, as well as providing rural development and education programs and setting aside a portion of total project revenues—amounting to approximately $26 million over the life of the project—for enterprise and socio-economic development. We appreciate how forward-thinking the South African government has been in designing the REIPPPP to encourage these kinds of local economic benefits.
Google has committed more than $1 billion to renewable energy investments and we continue to search for new opportunities. Our search has brought us from the U.S. to Europe and now to Africa. We’re excited to see where else it might lead.
Posted by Rick Needham, Director, Energy & Sustainability
By: Emily Wood
Posted: May 30, 2013, 6:04 pm
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