Redstone Solar Project in Northern Cape being Developed by SolarReserve and ACWA Power

Redstone Solar Project in Northern Cape being Developed by SolarReserve and ACWA PowerSolarReserve, a California company and ACWA Power, a Saudi Arabian electricity producer are developing the Redstone solar project, which will be located in the Northern Cape.

The Overseas Private Investment Corporation (OPIC), said it has approved $400 million funding for solar farm in South Africa which will go to development of new energy projects in the emerging markets.

In a statement which was published on Thursday, the OIPC said, SolarReserve and ACWA Power will join forces to put up the 100 megawatt solar plant and operate it too.

The initiative is seen as a part of President Barack Obama's plan to "Power Africa" which includes a budget of $7 billion. The plan was launched in 2013 mainly focused on boosting the access to electricity in regions of Sub-Saharan Africa.

The proposal has given priority to expand the capacity to generate electricity in the continent. It also additionally focuses on investments of small-scale renewable energy initiatives.

OPIC was formed in 1969 as a "soft power" tool to expand the influence of U.S. in the developing world by pumping money from the private sector for core infrastructure projects.

Regular power outages in South Africa are adding to the causes of the economy contracting in the last quarter in more than a year's time.

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