Soitec has entered into a power purchase agreement (PPA) to sell the electricity generated at the Touwsrivier power plant, a concentrated PV (CPV) project the company is developing in South Africa.
Following the signature of the PPA, Soitec will seek to refinance the project and launch the construction of the project. Based in the Western Cape, close to the Aquila Private Game Reserve, the Touwsrivier power plant will ultimately reach 44 MW in capacity.
Construction is scheduled to be completed in 2014, with commercial operation of the first installed systems to begin in mid-2013. Under the Integrated Resource Plan launched by the South African Department of Energy, approximately 42% of the electricity generated in the country will come from renewable resources in 2030. The program calls for 3,725 MW in renewable energy capacity to be built, including 1,450 MW of PV.