- London listed, Petra Diamonds Ltd has signed power purchase agreements (PPAs) with South African energy trader Etana Energy to power its South African Cullinan and Finsch mines in a wheeling arrangement.
- Under the PPAs, Etana will supply each mine between 36%-72% of the expected load requirement from the fiscal year 2026 onwards by utilising the existing electrical grid.
An established energy trader and IPP, Etana has a portfolio of multiple ready-to-build and grid-secured wind and solar projects that are expected to come online over the course of 2025 and 2026, with the portfolio tilting more towards wind. The energy trader uses the existing grid infrastructure to supply renewable power at competitive prices.
The PPAs will enable Petra to reduce its scope 1 and 2 greenhouse gas emissions by 35% to 40% by 2030 compared to the 2019 base line and secure renewables at predictable costs.
“[A]s part of our ongoing efforts to reduce our cost base, the tariff secured is expected to lead to sustained reduction in our energy supply costs which will further reduce fixed costs at our South African operations,” said Petra Diamonds CEO Richard Duffy.
Author: Bryan Groenendaal
