Green Bond Fact Sheet
Redstone Solar Thermal Power Plant (ACWA Power, SolarReserve)

Date: 21/10/2019

Issue date: 15-07-2019 Maturity date: 15-05-2036 Tenor: 17
Issuer Name

Redstone Solar Thermal PowerPlant

Amount Issued

ZAR8bn/USD540m

Country of risk

South Africa

CBI Database

Included

Issuer Type1

Non-financial corporate

Bond Type

Commercial Loan

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Certified under Climate Bonds
Standard v2.1, including sectorspecific criteria for:

Assurance report

Pre issuance verification

Green bond rating

N/A• SolarCertification Verifier

Sustainalytics

Use of Proceeds☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Energy performance☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components ☐Adaptation & resilience☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

Annual reports will be produced and made available to the lenders and CBI. These reports will havedetails about the project, including quantitative indicators such as the amount of electricity generated.

Company information

The project was jointly developed by ACWA Power and SolarReserve.
SolarReserve is a solar energy developer headquartered in California. It focuses on providing thetechnology for CSP projects across the world.
ACWA Power is a developer of power generation, based in Saudi Arabia. It has 22GW worth of power
generation assets across 11 countries in Africa, Middle East and Asia. In July 2019, ACWA Power hadreceived Certification for a loan which had been issued in support of a 950MW CSP + PV project “NoorEnergy 1”, in Dubai. ACWA Power was also involved with the solar project “Noor IV” in Morocco that hadreceived Certification in 2016.

Firsts, records andcertifications
Proceeds description

This is the third Certification from South Africa.
The proceeds will be used to refinance the development of the Redstone Solar Thermal Power Plant,
which is a Concentrated Solar Power plant located in Postmasburg, in the Northern Cape province ofSouth Africa. The plant has an installed capacity of 100MW and it is one of the largest renewableelectricity generation plants in South Africa. The development cost of the project is over USD 1 billion. It
became operational in late 2018.

Climate Bonds view

The government of South Africa has a target of 26% of renewable electricity generation by 2030.
Currently, over 90% of its electricity generation comes from coal power.

Underwriters

African Development Bank; Industrial Development Corporation of South Africa; Development Bank ofSouthern Africa; Absa Bank; CDC Group PLC (UK DfID); German Investment Corporation; Netherlands
FMO; Investec Bank; Sanlam Life Insurance

Deal comments

Credit Rating
Pricing summary
Investors summary
1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign