South African Independent Power Producer and Energy Trader Noa has reached financial closure on a 349 MW solar project with Standard Bank, the largest bank in South Africa.
The Khauta South Solar PV project, located near Welcome to Free State Province, is planned for the largest solar facility of Single Africa, once operational.
Noa took over the project from Pure New Energy in April 2024 and the construction work on the site started earlier this year. It is expected that the beginning of 2027 will start producing energy.
It is part of the Khauta Solar Complex, a total of 506 MW in capacity, which also includes the 157 MW Khauta West project that will be online by the end of next year. Together the plants will be able to deliver more than 1 TWH to companies in different sectors each year, with energy distributed via the schedule of Eskom.
The financial agreement takes the form of a payment guarantee -facility structured by Standard Bank Group, which, according to a statement from the South African Photovoltaic Industry Association “, will act as a financial catalytic converter, as a result of which Noa could release the Sharm capital that is usually used as this capital … The development of the development of the development of the development of the development of the development of the development of the development of the development of the development of the development of the disease of the instructions of the instructions that are being investigated, releasing the development of the disorder of the generator disease. “
Karel Cornelissen, CEO of Noa, called the transaction “an evolution in how we finance renewable energy on a scale in South Africa.”
South Africa used 1.1 GW Solar in 2024, after a record year for sun cutting in 2023. The newly approved master plan of the country, in April, set an objective in April in April at least 3 GW of renewable energy sources, increasing to 5 GW at 2030.
