Row rect Shape Decorative svg added to bottom 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 Financing agricultural growth across Southern Africa Absa Corporate and Investment Banking arranged a USD350m financing facility for United Capital Fertilizer Ltd (UCF) to help scale production and improve fertilizer supply across key African markets. Read more DEALS Advancing renewable energy resilience through structured finance Absa Corporate and Investment Banking supported Envusa Energy, a joint venture between Anglo American and EDF Power Solutions, in the financing of the Sishen Solar PV project. The embedded renewable energy facility will supply solar power directly to the Sishen Iron Ore Mine in the Northern Cape, South Africa. Read more DEALS Enabling mining development to support South Africa’s economic growth Absa CIB acts as joint mandated lead arranger, hedge provider, account bank and facility agent for West Wits Mining’s Qala Shallows Gold Project Read more
