News Article
Moncado begins largest South African PV plant
Moncada Costruzioni South Africa (Pty) Ltd., has entered into a contract for the construction of works (EPC) for the first 94.5 MWp of photovoltaic power, for an amount of approximately € 182 million.This work represents the largest solar investment ever made by an Italian company and uses Italian technology produced in the factory of thin film panels, located in Sicily, owned by the Moncada Solar Equipment, a company controlled by Moncada Energy Group.
" In a time of severe economic crisis, this great success, combined with another contract Garache Moncada sees as the successful tenderer for another 94.5 MWp, will ensure the Group and in particular to the subsidiaries, at least three years of business , "said CEO Salvatore Moncada.
The total investment is about 240 million euro, of which 25 per cent of its own resources and the remaining 75 percent of Standard Bank South Africa. The guarantees for the contract was provided by the group Hollard Insurance.
" I want to thank for the cooperation received Monte dei Paschi di Siena, Sace and Agrileasing , - said Salvatore Moncada - for his availability during the development of the project . "
The scenario in South Africa's PV is great and because the country is growing, the GDP in 2011 was 408.2 billion dollars with a growth rate of 3.12% in the same year - and this is the first economy of the African continent which accounts for over 30% of GDP, and because the incentive system is excellent. Do not underestimate also the fact that the medium-term objectives of the South African Government are ambitious, 42% of power generation installed by 2020 must come from renewable sources, and radiation reaches 2000 hours equivalent per year , 40% more than in Southern Italy. As an intermediate target to 2016 the country aims to 3.5 GW of photovoltaics and solar thermal, while the estimate of the total investment in renewables by 2020 the government is $ 7.6 billion.
The incentive mechanisms are those related to program IPP (Independent Power Producer Renewable Energy Procurement Program) based on a system of competitive bidding in size from 5 to 75 MWp and a system very close to the feed in tariff in size from 1 to 5 MWp. The authorization mechanisms are simple and fast, with the boom in the second half of 2011 may be in operation by 2013. The temples cover over the best energy prices also produced employment and benefits for the local economy through the mechanism of local content for access to the tariff provides for the use in the construction of the plants Made in technology South Africa, for a minimum of 45% of the investment costs.
