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Advancing greener goals with solar progress

Absa | Corporate and Investment Banking > Insights and Events > Advancing greener goals with solar progress
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At Absa CIB, we believe progress is measured not only by what we build, but by the future we help shape. That’s why our R2.2 billion financing of Red Rocket’s Tournee solar project goes beyond infrastructure – it’s accelerating South Africa’s renewable energy transition for lasting impact.

Delivering 300MW of clean energy into the national grid, the project will enable Discovery Green to expand access to sustainable, cost-effective power for businesses across South Africa. Through our continued partnership with Red Rocket and Discovery Green, we are enabling businesses to unlock greener growth while advancing the energy transition our country urgently needs.

Having successfully jointly-led the R5.3 billion transaction, Absa played a pivotal role as joint MLA, joint hedge provider, senior debt lender, ancillary debt lender, account bank, and guarantee issuing bank. This second strategic deal of 2025 with Red Rocket and Discovery Green reflects our client-focused approach to financing South Africa’s renewable energy transition and our ability to deliver solutions that align with our clients’ ambitions.

Located in Mpumalanga, the Tournee solar project creates impact far beyond power generation. It is expected to provide South African businesses with the energy certainty they need to grow and reduce carbon emissions at scale. Through Discovery Green’s commitment to providing affordable electricity, power off-takers can also expect to receive significant savings per kWh, with clean energy delivered to businesses across a range of key industries.

This milestone deal reaffirms our commitment to structuring and financing innovative energy solutions that move South Africa forward - empowering businesses and communities to thrive in a changing energy landscape.

Contact Colin King
Contact Russel Timbe

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