Charging Progress in Green Energy Absa | Corporate and Investment Banking > Insights and Events > Charging Progress in Green Energy SHARE The R4.4 billion wind energy project will incorporate the design, development, construction, operation, and maintenance of a 150MW wind project (Phase 2 of FE Overberg) that will generate clean energy for Discovery Green - advancing the just energy transition we’re proud to support Absa Corporate and Investment Banking continues to drive progress in the energy sector through financing solutions that support transformative, inclusive, and sustainable energy initiatives. Our recent R1.6 billion contribution - part of a R3.8 billion debt financing package, supports Red Rocket’s 150MW wind project, Phase 2 of the FE Overberg development in South Africa. This facility will fund the full lifecycle of the project, from design and construction, to operations and maintenance. Once operational, the project will supply 100% renewable energy to Discovery Green under a 25-year Power Purchase Agreement (PPA) with Red Rocket, providing clean energy to Discovery Green’s customers at a competitive energy tariff. Absa acted as Joint Mandated Lead Arranger, Joint Hedge Provider, Joint Senior Lender and Joint Ancillary Debt Lender, Facility Agent, and Guarantee Issuing Bank - a testament to our expertise in structuring complex wheeled energy transactions. This transaction reaffirms our commitment to ESG-aligned investments and illustrates how project finance can accelerate access to affordable renewable energy, while enabling long-term energy resilience and green economic growth. Contact Colin King for more information Contact Russ Timbe for more information https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Empowering Agricultural Trade in Africa This USD 45 million facility supporting Royal Nuts’ subsidiary, Dorado in Côte d’Ivoire, the world’s largest single-roof cashew processing facility, driving economic growth, community upliftment, and global market expansion, will boost its working capital and optimise supply chain efficiency in West Africa. Read more DEALS Accelerating transformative Infrastructure development for long-term impact Our $75 million deal with the Emerging Africa & Asia Infrastructure Fund (EAAIF) is set to accelerate infrastructure development for lasting impact - bridging Africa’s long-term debt gap, and supporting projects that promote infrastructure development, economic growth and renewable energy expansion. Read more DEALS Powering a sustainable future with Ferroglobe At Absa CIB, we believe that financing critical mineral supply is essential for advancing the Just Energy Transition. Our partnership with Ferroglobe supports the expansion of silicon metal production, which is key to semiconductor chips and solar panels, driving economic growth, job creation and Africa’s role in the renewable energy value chain. Read more
