- Etana Energy has secured a R1 billion payment guarantee facility with Standard Bank, and a preference share investment of up to R372M from Norfund, the Norwegian Investment Fund for developing countries, and Standard Bank.
- This investment and guarantee financing enables the company’s energy aggregator business model—and is paving the way for large-scale, multibillion-rand renewable electricity projects that are now advancing to construction.
On 17 March 2025, the 75MW Du Plessis Dam Solar PV2 project, co-developed by Mulilo and H1 Holdings, reached financial close with Etana as the offtaker. H1 Holdings is a major shareholder in Etana.
The solar project is located just outside De Aar in the Northern Cape province of South Africa, with construction kicking off at the end of April 2025. This deal is one of the first utility-scale projects closed in South Africa with a trader as the off-taker.
H1 Holdings is part of a consortium that is currently in litigation with the country’s IPP Office for refusing to pay outstanding bid bonds for 12 projects that failed to reach financial close in REIPPPP Bid Window 5. Read more
Author: Bryan Groenendaal
