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 Harnessing Partnerships to Power Energy at Scale Absa Corporate and Investment Banking acted as Joint Mandated Lead Arranger, Senior Lender and Hedge Provider on the ZAR 8.4 billion financing of SOLA Group’s 300 MW Naos solar PV project, incorporating 660 MWh of battery storage. Read more DEALS Backing the metals that will power the future Absa is proud to help lead one of South Africa’s landmark mining projects. As joint mandated lead arranger and bookrunner with Ivanplats on a USD700 million project finance facility, we’re powering the Platreef Project’s growth – unlocking critical minerals for a sustainable future. Read more DEALS Backing retail property assets with flexible financing built for growth We are proud to have concluded a landmark real estate financing transaction for Soma Properties Limited contributing toward the expansion of Sarit – Kenya’s most iconic retail and lifestyle mall, and the premium destination mall in East and Central Africa. Read more
