Propelling South Africa’s Just Energy Transition Absa | Corporate and Investment Banking > Insights and Events > Propelling South Africa’s Just Energy Transition SHARE 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. As South Africa’s green energy sector continues to expand, we remain committed to providing agile and innovative financing solutions that drive sustainable progress. This deal underscores our dedication to long-term sustainability goals, reducing carbon emissions while unlocking investment opportunities in the renewable energy sector. Building on a five-year partnership with Red Rocket, this latest transaction will finance the design, development, construction, operation, and maintenance of the phase one 230MW FE Overberg wind project in the Western Cape. We played a pivotal role as Joint Mandated Lead Arranger (MLA), Joint Hedge Provider, Senior Debt Lender, Ancillary Debt Lender, Facility Agent, and Guarantee Issuing Bank. The first phase of the FE Overberg wind project will supply clean energy to Richards Bay Minerals (RBM)—South Africa’s largest mineral sands producer—helping fast-track their decarbonisation efforts. This transaction not only strengthens our track record in structuring innovative renewable energy financing but also reinforces our commitment to supporting Africa’s transition to sustainable energy. Beyond clean power generation, the project will create jobs, electrify thousands of homes, and significantly cut carbon emissions, delivering lasting benefits to the communities we serve. As we continue to finance impactful renewable energy projects, we look forward to empowering our clients on their journey toward a sustainable, low-carbon future. Contact for more information: Contact Colin King Contact Russel Timbe https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Empowering Agricultural Trade in Africa This USD 45 million facility supporting Royal Nuts’ subsidiary, Dorado in Côte d’Ivoire, the world’s largest single-roof cashew processing facility, driving economic growth, community upliftment, and global market expansion, will boost its working capital and optimise supply chain efficiency in West Africa. Read more 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
