DEALS Enabling energy that nature creates Absa | Corporate and Investment Banking > Insights and Events > Enabling energy that nature creates SHARE We are proud to have acted as a mandated lead arranger and lender for three Red Rocket Energy (Pty) Ltd (“Red Rocket”) renewable energy projects valued at approximately R12 billion. Red Rocket is a locally based, integrated renewable energy Independent Power Producer (“IPP”) that develops, designs, constructs, operates, and owns utility-scale grid-connected renewable energy projects, with operations in multiple countries across Africa. The group currently has 606MW of projects in operation and under construction, more than USD 1bn invested, and with a pipeline of projects of more than 12GW, of which 1 GW will reach financial close within the end of the year. The projects comprise of two 140MW wind farms, which will both be located in the Western Cape, and one 84MW wind farm which will be located in the Eastern Cape. The power generated by these three wind projects will be supplied to Eskom under 20-year power purchase agreements (PPAs), and once operational, will be able to supply approximately 480,000 South African households with power. This transaction strongly demonstrates our ongoing commitment to the energy sector and the acceleration of investments that make a sustainable impact on the communities we serve, whilst contributing to the supply of much needed new power generation capacity to the grid. The financing of projects in this sector is in line with our sustainable finance goals, which includes helping our clients on their journeys to becoming more sustainable and also in assisting Eskom with the transitioning from fossil fuels to renewable energy sources. Contact us https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles 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 DEALS Building a more robust green energy landscape South Africa’s green energy sector is poised for significant transformation, with vast untapped investment potential. Our R1.45 billion deal with G7 Renewable Energies and Cennergi Holdings marks a monumental sustainability partnership, highlighting the critical role of finance as a catalyst for advancing renewable energy projects. Read more
