Nov. 30 (Bloomberg) -- Group Five Ltd., a South African construction company, is participating in at least seven bids to build renewable-energy plants in the continent’s biggest economy for about 9 billion rand ($1.1 billion).
The company will bid to construct a concentrated-solar plant for 5 billion rand in phases to a maximum capacity of 400 megawatts, Johannesburg-based Group Five said in an e-mailed response to a query today. The deadline for bids is March 5.
South Africa on Aug. 3 invited proposals for renewable- energy plants with a combined capacity of 3,725 megawatts to be built by the end of 2016 at a combined estimated cost of as much as $12 billion. The country is looking to expand generation capacity and boost the portion generated by renewable energy to help overcome a shortage that shut mines temporarily on 2008. Most of its electricity is generated from coal.
Group Five is a participant in three wind and three solar- voltaic plant plans already submitted, with a combined value of 4 billion rand and collective capacity of 250 megawatts, the company said. Group Five is participating with international energy companies in the proposals, it added.
The stock declined 0.8 percent to 22.42 rand by 10:17 a.m. in Johannesburg, extending its retreat this year to 39 percent.
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