South Africa: Financial close for Enel’s 700MW wind projects

Enel Green Power RSA, the South African subsidiary of Italian utility Enel Group, on 1 August announced financial close at five wind power plants, which are expected to cost €1.2bn ($1.4bn) to build. Senior loans worth €950m are being provided by South African banks Nedbank and Absa and Enel is contributing €230m in equity. The plants – Nxuba and Oyster Bay in the Eastern Cape, Garob, Karusa, and Soetwater in the Northern Cape – will each have a capacity of around 140MW, generating 2.6TWh/yr.