South Africa’s Khauta Solar Project Reaches Financial Close

South African renewable energy independent power producer NOA Group and financial institution Standard Bank have reached financial close on the Khauta South Solar PV project. With a capacity of 349 MW, the project will be South Africa’s largest single-asset solar facility once completed.

Situated in the Free State province, the project is backed by a payment guarantee facility structured by Standard Bank. Electricity generated by the project will be wheeled to the national grid – managed by South Africa’s state-owned power utility Eskom.

“This is more than just a project milestone — it’s an evolution in how we finance renewable energy at scale in South Africa,” stated Karel Cornelissen, CEO of NOA. “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.”

NOA acquired the Khauta project in 2024 from renewable energy company Pure New Energy. Bringing the company’s total grid-secured assets to 500 MW, the acquisition and subsequent development of the project aligns with broader goals of NOA to develop 5 GW of renewable energy.