DBSA-supported wind farm reaches financial close
The first phase of the Overberg Wind Farm project, developed by renewable energy independent power producer Red Rocket, reached financial close on March 13.
The Development Bank of Southern Africa (DBSA), along with Absa Bank and Standard Bank, played key roles in financing the project.
The wind farm will be located near Swellendam, in the Western Cape. Commercial operations are expected to start in early 2027.
Once fully operational, it will be South Africa’s largest privately developed single wind farm, providing a total export capacity of 380 MW.
The first phase will see Rio Tinto Group subsidiary Richards Bay Minerals (RBM) secure 230 MW through a long-term power purchase agreement, delivering about 750 GWh/y of clean energy.
This is expected to contribute towards reducing RBM’s carbon footprint, cutting greenhouse-gas emissions by about 30%, equivalent to 700 000 t/y of CO₂e.
“This is yet another step in the DBSA’s mission to ensure energy security in South Africa while advancing Africa’s prosperity. By financing transformative projects like the Overberg Wind Farm, we are not only enabling a cleaner, more resilient energy future but also ensuring that no one is left behind in the transition,” DBSA transacting group executive Mpho Mokwele highlights.
“Access to reliable, sustainable energy is a key driver of economic inclusion, and we remain steadfast in our commitment to supporting projects that uplift communities, namely through our additional funding support for the Red Rocket Opportunity Trust and powering Africa’s economic growth,” Mokwele adds.
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