Row rect Shape Decorative svg added to bottom 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 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
