Discovery’s renewable-energy business Discovery Green has signed a 20-year power purchase agreement (PPA) with independent power producer Red Rocket for the Tournee solar park, a 300 MW solar farm to be built in Standerton, Mpumalanga.

In a statement, Red Rocket says that it has reached financial close for Tournee, with this milestone coinciding with the signing of the PPA with Discovery Green.

The project has been financed through a club deal involving Absa Bank through its Corporate and Investment Banking division, Standard Bank through its Corporate and Investment Banking division, and the Development Bank of Southern Africa, with the Red Rocket Opportunity Trust serving as the black economic empowerment partner.

Tournee is scheduled to begin operating in 2027.

It would have a contracted capacity of 300 MW and an installed capacity of 331 MW.

The project will comprise about 463 000 bifacial solar modules mounted on single-axis trackers and will connect to the national grid through a 132 kV overhead powerline.

Once operational, the solar park is expected to generate an average of 720-million kilowatt-hours a year over its 20-year lifespan, avoiding about 709 200 metric tonnes of CO2-equivalent emissions ayear.

“Tournee is one of the country’s largest renewable-energy projects, secured at a time when grid supply is thin. By acting now, we’ve locked in long-term price-certain energy for our growing portfolio of clients – supporting lower electricity costs and competitiveness in a low-carbon economy,” says Discovery Green head Andre Nepgen.

“Affordable clean energy is the foundation for business productivity, expansion and job creation, and Tournee allows us to deliver exactly that and support the country’s growth,” he adds.

Tournee is Discovery Green’s second renewable-energy project with Red Rocket, following financial close on Phase 2 of the 150 MW Overberg Wind Farm earlier this year.

“Our projects with Discovery Green represent an investment of around R10-billion. The Tournee agreement deepens our partnership and reflects the strength of collaboration in bringing impactful energy solutions to life,” says Red Rocket CEO Matteo Brambilla.

Through its agreement with Red Rocket, Discovery Green will deliver renewable energy to mining, manufacturing, property and hospitality businesses, including Impala Platinum, Southern Sun, Fortress Real Estate Investment Trust, Balwin Properties, KP Lime and The Capital Hotels and Apartments.