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PNE SELLS 350MW SOLAR PV PROJECT IN SOUTH AFRICA TO NOA GROUP
24 days ago

PNE SELLS 350MW SOLAR PV PROJECT IN SOUTH AFRICA TO NOA GROUP

INDUSTRY NEWS

PNE has sold its 350MW Khauta Solar PV facility in South Africa to the local developer, NOA Group. Situated near Welkom in the Free State, this acquisition increases NOA’s grid-secured assets to approximately 500MW, advancing their portfolio and moving them closer to their 5GW target.

The solar PV assets are expected to reach financial close and begin construction by the fourth quarter of 2024. This supports NOA’s expansion plans in the renewable energy sector, backed by its shareholder AIIM and other key stakeholders, as stated by the developer.

Karel Cornelissen, CEO of NOA Group, commented: "With $180 million in equity financing secured for development, we are expanding our operations, including a significant pipeline of projects. By the end of this year, we anticipate having around 450MW of our renewable energy facilities under construction. This progress aligns with recent electricity market reforms in our country, which have accelerated over the past two years, enhancing competition among electricity suppliers and highlighted by the draft market code release as part of the evolving wholesale electricity market framework."

These projects are located outside the REDZ 5, mainly in the Free State, with the overhead line connecting to the Leander Substation within Eskom’s transmission corridor. NOA noted that the Khauta cluster is one of the largest in the Free State, an area that has recently attracted significant interest, with several large clusters nearing commercialization. This surge in interest is attributed to improved grid access, unlike other green energy hotspots like the Northern Cape, where capacity is reaching its limits.

NOA will spearhead the financial close of these projects, supported by WKN Windcurrent and PNE, the project developers. This critical phase will require intensive collaboration to ensure that the commercial elements of the projects align seamlessly with the development efforts already underway.

Cornelissen added: "We are close to finalizing the selection of the EPC contractor and OEMs. With continuous support from the developers, we are advancing the project towards financial close, aligning our commercial objectives with the substantial groundwork already established.

Source renews: Dogger Bank A switch on delayed until 2025 - reNews - Renewable Energy News