Globeleq and African Rainbow Energy secured ZAR 5.4 billion (USD 306.1 million) in loans for the 153-MW/612-MWh Red Sands battery project in South Africa’s Northern Cape. The debt financing was provided by Absa and Standard Bank. Following commercial close with power agreements for 15 years, China Energy Engineering Corporation was appointed EPC contractor, and Sungrow will supply and service the battery technology.
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