- The SOLA Group multi-buyer project is a 195MW solar photovoltaic plant that will be the first to sell power to multiple buyers across the country on flexible terms, allowing energy users to access short-term clean power contracts to meet their decarbonisation and cost-saving goals.
SOLA has secured an initial three premium, multinational energy users as anchor buyers for the project, enabling the multi-buyer platform, and another major industry milestone for SOLA. One of them is mining giant Sibanye-Stillwater. The project represents a capital investment of R2.8 billion, with SOLA as majority equity shareholder.
A significant portion of the project’s capacity has been reserved for flexible, short-term power purchase agreements to be made available to a wide range of South African energy users. This will allow businesses to access affordable and reliable renewable energy, even if they are not able to commit to a long-term contract. SOLA will exclusively market and facilitate the sale of the available power.
SOLA plans to sign up interested buyers for the uncontracted power from mid-2024, with delivery of energy set for mid-2025.
Author: Bryan Groenendaal