Investec Bank Ltd., a South Africa-based bank and money manager, teamed up with Vuselela Energy to develop a power plant using waste heat to drive turbines.
The bank’s Investec Corporate & Institutional Banking division, or ICIB, will put 105 million rand ($11.4 million) toward the so-called co-generation power station in Rustenburg in South Africa’s North West province, Investec said today. The facility will use hot water from Anglo American Platinum Ltd. (AMS)’s Waterval smelter and send the power generated back to the plant.
“A major benefit of this cleaner, cheaper power is that the plant will generate electricity for its own use and will be partially independent of the grid,” Fazel Moosa, head of Project and Infrastructure Finance at ICIB, said in an e-mailed statement.
Ormat Technologies Inc. (ORA) will supply the equipment to convert thermal energy to electricity at the plant, which is due to be completed by June 2014, the statement shows. The balance of funds for the 155 million-rand plant will be met through equity and a 30 million-rand grant from the Department of Trade and Industry.
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