- SolarAfrica has reached financial close on the first 114 MW component of the SunCentral project alongside funding partners Investec and RMB.
- The R1.8 billion investment into SunCentral marks the start of the project’s rollout in South Africa.
SunCentral is a large-scale solar photovoltaic (PV) plant located between Hanover and De Aar in South Africa’s Northern Cape province. The project will be developed in three phases.
Phase 1, consisting of 342 MW, will be delivered through a staged roll-out of three 114 MW facilities and will deliver renewable energy to a diverse range of off-takers by wheeling it through South Africa’s power grid. Phase 2 and 3 will increase SunCentral’s capacity to 1 GW.
Unlike similarly sized projects that offer wheeling on a one-to-one basis (with one generation plant supplying one off-taker), SolarAfrica’s project will offer wheeling on a one-to-many basis, making it available to a wider pool of businesses in South Africa.
SolarAfrica is backed by world-class investors African Infrastructure Investment Managers (AIIM) and Helios Investment Partners who both hold decades-long track records of bringing investment to support African innovation.
“Reaching Financial Close on the first 114 MW on SunCentral is a fantastic milestone for SolarAfrica, says Thor Corry, Investment Director at AIIM.
“The modular approach to construct the MTS and plug in subsequent 114 MW modules provides a superb platform for SolarAfrica to scale at pace to meet the needs of the C&I customers in South Africa who want to secure price certainty and cost efficiencies while furthering South Africa’s Just Energy Transition. With South Africa requiring up to 30 GW of new capacity by 2030 to meet its climate commitments and energy needs, projects like this are crucial,” Corry concludes.
Author: Bryan Groenendaal
