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 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 DEALS Advancing greener goals with solar progress At Absa CIB, we believe progress is measured not only by what we build, but by the future we help shape. That’s why our R2.2 billion financing of Red Rocket’s Tournee solar project goes beyond infrastructure – it’s accelerating South Africa’s renewable energy transition for lasting impact. Read more DEALS Innovative Benchmark Solutions Advancing Oil Supply Growth We structured a unique ZARONIA-linked debt facility, to foster supply chain resilience and drive innovation in the South African FMCG sector. Read more
