Driving a greener energy value chain Absa | Corporate and Investment Banking > Insights and Events > Driving a greener energy value chain SHARE 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. Contact Thulani Shange for more information https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles 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 DEALS Propelling South Africa’s Just Energy Transition Our landmark project financing contribution towards an R8.8 billion transaction with Red Rocket South Africa (Pty) Ltd reinforces our position as a market leader in renewable energy financing. Read more
