Independent power producer (IPP) NOA Group has reached financial close on a 349MW solar PV project in South Africa.
Dubbed by the company as “the country’s largest,” the solar PV project is part of a larger single-asset solar PV facility with a combined capacity of 506MW. The project is expected to be completed by the fourth quarter of 2026, while the other solar PV plant, Khauta West, is expected to be operational in 2027. The solar facility will be located in Welkom in the Free State province of South Africa.
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The company acquired the Khauta South plant from German renewable energy developer Pure New Energy (PNE) in 2024 and broke ground earlier this year.
Power generated from the Khauta project will be distributed through state utility Eskom’s grid to a diverse group of companies, with one of the confirmed off-takers being real estate investment trust Redefine Properties.
The financial close includes a payment guarantee facility provided by financial entity Standard Bank on behalf of NOA Trading. This facility serves as a financial enabler, allowing NOA to unlock equity capital and speed up the development of more renewable energy projects – all while continuing to meet its obligations under existing Generator Power Purchase Agreements (GPPAs).
“The guarantee facility enables us to deploy equity more efficiently, ensuring the rapid rollout of projects while supporting liquidity across our development pipeline. It also strengthens our position as a credible aggregator in energy supply agreements with commercial and industrial off-takers,” said Karel Cornelissen, CEO of NOA.
Additionally, the Bellville, South Africa-headquartered firm is amping capacity by adding energy storage at the facility.
“While grid bottlenecks persist, we’re investing in Battery Energy Storage Systems (BESS) to enable better load-shifting and maximise the export of clean energy from our assets,” Cornelissen added.
