• SolarAfrica closed 1.5 billion rand ($94 million) in financing for the 114 MW SunCentral 2 solar plant.

• FirstRand Bank, through Rand Merchant Bank, and Investec Bank provided the financing.

• The project will supply power to companies through a wheeling model, with commissioning expected in 2026.

SolarAfrica Energy, a South Africa–focused solar project developer, reached financial close on SunCentral 2, a 114 MW solar power plant located in the Northern Cape. The company secured 1.5 billion rand, or about $94 million, to finance the project. FirstRand Bank Limited, through Rand Merchant Bank, and Investec Bank Limited, through its Corporate and Institutional Banking division, provided the funding. The company expects commissioning to take place in 2026.

SunCentral 2 represents the second tranche of Phase 1 of the SunCentral programme, which includes three separate 114 MW projects for a combined capacity of 342 MW. SolarAfrica began construction of SunCentral 1 in 2024, while SunCentral 3 remains under development. Over the longer term, the company plans to scale the programme to a total capacity of 1 GW. The project will supply electricity to South African businesses under a wheeling-based commercial model.

In 2025, SolarAfrica secured an electricity trading licence from the National Energy Regulator of South Africa (NERSA) through its subsidiary Energy Market SA. This licence allows the company to purchase and resell renewable electricity to corporate clients using Eskom’s transmission network.

This strategic shift aligns with broader trends in South Africa’s power market. Companies increasingly use wheeling to sign long-term contracts between generators and large industrial or commercial consumers. At the same time, businesses seek to cut carbon emissions, secure electricity supply, and gain stronger control over energy costs amid persistent grid constraints.

This article was initially published in French by Abdoullah Diop

Adapted in English by Ange J.A de BERRY QUENUM