Cape Town IPP secures funding for transformative solar project in Mpumalanga

In a significant advancement for South Africa's renewable energy sector, Red Rocket, a prominent independent power producer (IPP), has achieved financial closure for the Tournee Solar Park in Mpumalanga which is set to become one of the largest solar energy developments in the country.

This milestone is underscored by the signing of a 20-year Power Purchase Agreement (PPA) with Discovery Green, propelling the project closer to realisation. The Tournee Solar Park will boast a contracted capacity of 300 MW and an installed capacity of 331 MWp, marking it as a key player in South Africa's ambitious energy transition. The facility will utilise approximately 463,000 bifacial solar modules equipped with single-axis trackers, connecting to the national grid via a 132 kV overhead powerline.

Once operational, expected by 2027, the solar park will generate an estimated 720 million kWh annually throughout its 20-year lifespan. This output is poised to save around 709,200 metric tonnes of CO₂e emissions each year, providing enough energy to power approximately 224,000 homes. The environmental benefits are substantial, making this project a noteworthy achievement in the fight against climate change.

The financing of Tournee Solar Park is made possible through a collaborative effort among Absa Bank, Standard Bank, and the Development Bank of Southern Africa, with the Red Rocket Opportunity Trust involved as the Black Economic Empowerment (BEE) partner. 

CEO of Red Rocket, Matteo Brambilla, expressed pride in the company’s latest milestone saying: "Reaching financial close for Tournee Solar Park marks a proud moment for Red Rocket, representing not only our enduring commitment to South Africa’s renewable energy landscape, but also the strength and immense value of partnerships. This achievement is a testament to our dedication, the confidence of our lenders, and the collaboration with our off-taker, Discovery Green. We remain steadfast in our relentless pursuit of powering the future and advancing the energy transition."

The Tournee Solar Park adds to Red Rocket's expanding portfolio of renewable energy initiatives, further establishing its presence as a vanguard in the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) as well as the Commercial & Industrial (C&I) market. Recently, the company also celebrated victories in REIPPPP Bid Window 7, securing three solar projects that highlight its robust capabilities across various procurement pathways.

This venture marks the second collaboration with Discovery Green following the successful financial closure of the Overberg Wind Farm Phase Two earlier this year. Future developments such as the Virginia Solar Park, one of the largest grid-connected solar ventures in the pipeline, are set to be executed by PowerChina (HDEC) and Green Whistle under a comprehensive turnkey EPC contract, demonstrating Red Rocket's commitment to propelling South Africa's transition to renewable energy through innovative partnerships.