Discovery Green, the renewable energy business of Discovery Limited, has signed a 20-year power purchase agreement (PPA) with independent power producer, Red Rocket.
The two will build the country’s second biggest solar farm (Tournee), to be built in Standerton, Mpumalanga.
It will be financed by Absa, Standard Bank and the Development Bank of Southern Africa (DBSA).
The farm will have a capacity of 300 Megawatts (MW), and will supply energy to business by 2027, including Impala Platinum, Southern Sun, Fortress REIT, Balwin Properties, KP Lime, and The Capital Hotels and Apartments.
Andre Nepgen, Head of Discovery Green, said “Tournee is one of the country’s largest renewable energy projects, secured at a time when grid supply is thin. By acting now, we’ve locked in long-term price-certain energy for our growing portfolio of clients – supporting lower electricity costs and competitiveness in a low-carbon economy. Affordable clean energy is the foundation for business productivity, expansion and job creation, and Tournee allows us to deliver exactly that and support the country’s growth.”
Tournee is Discovery Green’s second renewable energy project with Red Rocket, following financial close on phase two of the 150MW Overberg Wind Farm earlier this year.
Matteo Brambilla, CEO of Red Rocket, said: “our projects with Discovery Green represent an investment of around R10 billion and will generate energy on a scale comparable to powering more than 369,000 homes. The Tournee agreement deepens our partnership and reflects the strength of collaboration in bringing impactful energy solutions to life.”