Name of the Project
FE Overberg Wind Farm.

Location
Near Swellendam in the Western Cape, in South Africa.

Project Owner/s
African independent power producer Red Rocket Energy.

Project Description
The 380 MW wind farm will be developed and commissioned in two phases. Once completed, FE Overberg (comprising Phases 1 and 2) will constitute South Africa’s largest privately developed wind farm.

Richards Bay Minerals (RBM) has been allocated 230 MW (Phase 1) of the project’s total 380 MW export capacity. 

Phase 2 of the project will generate 150 MW of clean wind energy for Discovery Green, a licensed electricity trader and subsidiary of financial services company Discovery.

The wind farm is expected to significantly reduce RBM’s yearly greenhouse-gas emissions by about 30% (700 000 t of CO₂ equivalent).

Potential Job Creation
Not stated.

Capital Expenditure
R13-billion, financed by a group involving Absa Bank, Standard Bank, and the Development Bank of Southern Africa. 

Planned Start/End Date
The project will start full commercial operation in 2027.

Latest Developments
Financial services provider Absa Corporate and Investment Banking (CIB) is providing R1.6-billion in facilities for Phase 2 of the project.  

The debt facilities are expected to finance the project’s full life cycle – from design and construction to operations and maintenance – ensuring the supply of 100% renewable energy to Discovery Green customers under a 25-year power purchase agreement (PPA) between FE Overberg and Discovery Green.

Key Contracts, Suppliers and Consultants
Absa CIB (joint mandated lead arranger, joint hedge provider, joint senior lender and joint ancillary debt lender, facility agent and guarantee issuing bank).

Contact Details for Project Information
Red Rocket Energy, tel + 27 21 418 3940 or email info@redrocket.energy.