The Coega Development Corporation says it expects more investor deals this year.
The corporation's spokesperson Ayanda Vilakazi said some of the highlights expected in the year included the First Automotive Works Group (FAW), which confirmed plans to expand into the Coega Industrial Development Zone (IDZ) with an investment totalling R677-million. FAW will start with 5,000 medium to heavy commercial vehicles and 30,000 passenger and light commercial vehicles in subsequent phases. The official signing and sod turning ceremony is planned for the first quarter of 2012.
The Coega Development Corporation is the operator of the Coega IDZ outside Port Elizabeth in the Eastern Cape. Established in 1999 the corporation is owned by government.
Vilakazi said Coega's investment account currently reflected a total of R140 billion in investment value, comprising R7.5 billion in investments that are currently being implemented, R5.8-billion in delayed projects, R1.2 billion towards operational expenses, R8.1 billion currently being negotiated and those still in feasibility stages were worth a whooping R116.3-billion.
The German-based EAB Astrum Energy signed an agreement with the corporation in the third quarter of 2011 for the development of a 13MW Photo Voltaic (PV) solar farm and has already commenced with the environmental permitting process. EAB will bid in the second round of the Department of Energy's renewable energy procurement process to become the preferred bidder next month.
"Moreover, GDF Suez from France has signed an agreement to construct a 330MW power peaking plant in the IDZ. They are awaiting a generating license and power purchasing agreement (PPA) before construction can commence in earnest. A total of 1,000 construction jobs will be created.
"AGNI Steel commenced construction in April 2011 and is on track to commission their mild steel billet plant in June 2012. Only platforms were planned for the 2011 calendar year and a custom shell/top structure will be erected during 2012," the corporation said. - I-Net Bridge