Row rect Shape Decorative svg added to bottom 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 Distributed Energy. Powering Africa’s low-carbon leap Absa supports CrossBoundary Energy’s $225 million capital raise, contributing up to $100 million to expand renewable infrastructure, enable the mining of critical transition metals such as copper, and extend energy access across underserved African markets. Read more DEALS Seeding success through inclusive partnerships Absa has partnered with HEINEKEN Beverages on a R1.2 billion initiative to support black-owned SMEs across South Africa. As the Fund Administrator, Debt Funder, and Strategic Enabler, Absa will manage two development funds - the Supplier Development Fund and the Enterprise Development Fund to empower at least 125 black-owned SMEs. Read more DEALS Partnering to continue harnessing wind power for a greener future Absa Corporate and Investment Banking (CIB) is proud to have acted as Joint Mandated Lead Arranger, Senior Lender and Hedge Provider for the R5 billion financing of Seriti Green’s 155MW wind project, which will supply clean, reliable power to NOA over the next 25 years. NOA is a leading renewable energy independent power producer and aspirant energy trader owned by the Old Mutual Group through the Africa Infrastructure Investment Managers (AIIM) and the IDEAS Fund. Read more
