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We are pleased to share that Absa has successfully acted as Co-Mandated Lead Arranger, Facility Agent and Hedge Provider for Pele Green Energy’s Sonvanger 100MW solar PV power project. This R2.2 billion project is a landmark transaction for Pele Green Energy, positioning them as a leading developer in South Africa’s renewable energy sector.
Pele Green Energy, a 100% black-owned renewable energy developer, has been awarded preferred bidder status by Glencore Operations South Africa (“GOSA”) to generate power under a long-term Power Purchase Agreement. This project represents Pele’s first large-scale utility transaction as the lead developer, underscoring their growing expertise and leadership in the industry. This comes on the back of Pele celebrating their 10th year anniversary in the renewable energy space in South Africa.
Absa’s involvement in this project is a testament to our commitment to driving South Africa’s Just Energy Transition and supporting local businesses that play a strategic role in the sector. The Sonvanger project will not only contribute to South Africa’s renewable energy goals but also create c.600 jobs during construction and up to 20 during operations, and provide clean power to the GOSA mines. This initiative supports our goal to drive sustainable growth and deliver long-term value to the communities we serve.
Our longstanding relationship with Pele Green Energy has been instrumental in executing this transaction, and it reflects our dedication to supporting black-owned businesses in sectors of strategic importance to the country. Through this partnership, we are proud to contribute to the transformation of South Africa’s energy landscape and support the transition to a more sustainable future.