Row rect Shape Decorative svg added to bottom DEALS Enabling the Just Energy Transition through captive power generation Absa | Corporate and Investment Banking > Insights and Events > Enabling the Just Energy Transition through captive power generation SHARE As a leading Pan-African bank, Absa continues to prioritise financing of renewable energy projects, helping our clients transition to a low-carbon economy and achieve their sustainability goals. Our innovative investments in the renewable sector demonstrate our commitment to shaping Africa’s growth and sustainability, and the development of its people. We are proud to have provided financing and corporate banking services to SOLA Group (‘SOLA’) for their third utility-scale renewable energy captive power project. Absa CIB acted as a Mandated Lead Arranger, Lender, Account Bank and Hedge Provider in the recently concluded renewable energy project to finance a 100MW Solar photovoltaic (PV) power plant located in the North-West Province, South Africa, at an estimated project cost of approximately R2.5bn. SOLA is a 100% South African vertically integrated Independent Power Producer (IPP) founded in 2008. They have developed and operated competitive renewable energy projects across various technologies including utility-scale and C&I solar PV, micro-grid and Battery Energy Storage Systems in South Africa. The power generated by the power plant will be supplied to African Rainbow Minerals Platinum (‘ARM Platinum’) under a 20-year power purchase agreement (‘PPA’). Once operational, the project will be able to supply electricity through a wheeling arrangement with Eskom to three of their mining sites located in Limpopo. This will account for about a third of the division’s energy requirement. This private offtake agreement will reduce electricity costs for ARM Platinum whilst simultaneously reducing its carbon footprint, resulting in economic, social and environmental gains. Contact: Xoli Nene Or Shaun Moodley https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles 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 DEALS Reinvesting in energy that keeps Africa moving Absa Corporate and Investment Banking has partnered with Infinity Power (IPH) in a landmark US$372 million refinancing of an existing 368MW Bid Window 3 wind portfolio under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), including the Noupoort Wind Farm, Loeriesfontein 2 Wind Farm and Khobab Wind Farm, located in the Northern Cape. Read more DEALS Bridging markets to unlock bold ambitions Absa Corporate and Investment Banking (CIB) acted as the sole South African bank appointed as Global Coordinator, Joint Bookrunner and Dealer Manager in the successful issuance of a US$500 million international bond for Bidvest. Read more
