(MENAFN) Saudi developer ACWA Power has signed an agreement with Central Energy Fund of South Africa for an investment in renewable energy projects in South Africa.
The series of renewable energy projects are to be launched beginning with the 100MW Redstone solar thermal power plant in the Northern Cape province.
The deal has been signed in Jeddah and declared by South Africa's President Cyril Ramaphosa during an official visit to Saudi Arabia.
The agreement seeks the establishment of the new solar plant within this year.
"We are pleased to enter into this agreement, which further strengthens our efforts in supporting South Africa's renewable energy program," ACWA Power chairman Mohammad Abunayyan stated.
The chairman added "we are committed to providing the country with the most advanced and versatile solar technology solutions, which can efficiently and reliably produce clean energy for 24 hours if called upon to do so."