Row rect Shape Decorative svg added to bottom Turning wind power to commercial momentum Absa | Corporate and Investment Banking > Insights and Events > Turning wind power to commercial momentum SHARE The R4.74 billion financing package for Seriti Green marks a key milestone in the development of the second phase of Ummbila Emoyeni - a 155MW wind project that will deliver clean power to EXSA’s customers. Absa remains committed to accelerating South Africa’s energy transition by structuring innovative wheeled energy transactions that align with national priorities and create shared value across sectors. In support of Seriti Green’s energy transition - a leading South African independent power producer, we’ve successfully closed a R4.74 billion financing package to advance their wind energy ambitions. Absa contributed R2.48 billion, acting as Joint Mandated Lead Arranger and assuming multiple roles, including Senior Debt Lender, Hedge Provider, Ancillary Debt Lender, Facility Agent, and Guarantee Facility Bank. The financing will enable the development of the second phase of Ummbila Emoyeni - from construction through to the operations of a 155MW wind farm, which will supply renewable energy to the Energy Exchange of Southern Africa (EXSA) under a 20-year Power Purchase Agreement. As one of the first large-scale private wheeling transactions in South Africa, the project allows corporates to procure clean power directly through Eskom’s transmission network. This deal reinforces Absa CIB’s leadership in the renewable energy sector and highlights our ability to structure complex, high-impact transactions that support our clients’ ESG strategies and net-zero targets. In addition to driving decarbonisation, the project promotes inclusive economic growth by supporting local job creation and community development. We remain committed to enabling sustainable progress and delivering long-term value across Africa’s energy landscape. Contact Russel Timbe Contact Johan Koorts https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles RISK MANAGEMENT How Finance Can Help Build More Integrated African Supply Chains If one were to speak to African suppliers who trade across borders, many would say that doing business within the continent can feel riskier than exporting beyond it. Especially for small and medium-sized enterprises (SMEs), information on counterparties is not always easy to obtain, regional currencies can be volatile and difficult to hedge, forward markets offer little depth, and access to affordable finance is often limited at precisely the moment it is needed most. Read more RISK MANAGEMENT What Bidvest’s Eurobond Tells Us About the Maturation of SA’s Debt Capital Market The international high-yield bond market functions as one of the largest and most technically evolved sources of corporate funding in the global financial system. Read more RISK MANAGEMENT Africa’s Capital Markets Are Moving Again. Here’s How. Kenyan beverages giant East African Breweries recently refinanced an existing KES 11 billion corporate bond through a medium-term note priced at 11.8%, marking the first issuance under its newly approved KES 20 billion programme. Read more
