(Ecofin Agency) - • NOA finalizes financing for 349 MW solar project, South Africa’s largest to date
• Standard Bank provides innovative guarantee mechanism to accelerate rollout
• Khauta complex to produce over 1,000 GWh of clean energy annually

South African energy group NOA announced on June 9 that it has secured financing for its 349 MW Khauta South solar project, set to become the country’s largest single-site photovoltaic plant. The project marks a milestone in the evolution of renewable energy financing in South Africa, driven by partnerships between independent producers and private financial institutions.

Located near Welkom in the Free State province, the plant is part of the larger Khauta solar complex, which will have a combined capacity of 506 MW. Once operational, the complex is expected to generate over 1,000 GWh of clean electricity per year.

Standard Bank played a key role in the financing structure, providing a payment guarantee mechanism that allowed NOA to reallocate equity and accelerate development of other projects. NOA CEO Karel Cornelissen described the initiative as “a shift in how we finance large-scale renewable energy in South Africa.”

The Khauta South project strengthens NOA’s position in the domestic renewables sector. In February 2025, the company signed a power purchase agreement with Teraco, a Digital Realty subsidiary, to supply wind power to its data centers.

Standard Bank, a key partner in the solar project, reaffirmed its role in structuring innovative finance models for renewables in southern Africa. The collaboration reflects growing alignment between private capital and independent producers in reshaping the region’s energy system.