Group 5 is to construct a R5-billion solar power energy plant to provide mines, together with the initially electrical energy expected to flow in two years, the construction firm said yesterday.
Greg Heale, the group’s director of engineering and construction, mentioned the project was still in advancement and he said Group Five, South Africa’s fourth-biggest construction firm, expected to conclude all contractual arrangements, like power-supply agreements with mining businesses, within the following six months. Heale did not wish to name the mining firms.
“We hope to become producing energy in 2013 when it begins to come on line.” He added that the targets applied “if the project goes ahead”.
Group 5, South Africa’s fourth-largest construction firm, expected to conclude all contractual arrangements, such as off-take agreements, with mining organizations within the following six months.
The project, to become located inside the sun-drenched Northern Cape, will produce 150MW. It could possibly be upgraded to make 450MW to 500MW, Teale mentioned.

Africa’s largest economy is moving away from an over-reliance on dirty coal power, which supplies 90 % of neighborhood electricity requires, to cleaner power sources such as solar, wind and nuclear power.
South Africa could produce its 1st solar power from a proposed $21-billion solar park by 2012, ultimately supplying 5000MW of power. The nation wants to accelerate its renewable power programme to meet a target of 10000GW by 2013.
Final month Group Five stated diluted headline earnings a share for your six months to December fell 21 % to R1.98, compared with R2.49 in the very same period a year earlier. Shares in Group 5 traded 0.65% larger at R26.47 by 10.59am, yesterday, outpacing a 0.5% firmer JSE All Share index.
The group stated its total secured construction order book stood at R9.3bn, small changed from the finish of June.
The construction sector is struggling to seek out new projects, as each the government as well as the private sector hold back on spending. The industry is also the target of sweeping investigations into bid-rigging by the Competition Commission.
Shares in Group 5 rose 0.eight % to close at R26.51.