Local integrated energy company NOA Group has successfully acquired the 350 MW Khauta solar PV facility, near Welkom, in the Free State, from PNE, which started the development of the facility.
The addition of the solar farm brings NOA’s total grid-secured assets to 500 MW and closer to its overall target of 5 GW.
Khauta is on track to enter construction in the fourth quarter.
The project marks the company’s entry into utility-scale solar PV, underscoring NOA’s role as an energy aggregator capable of generating, wheeling and selling clean electricity countrywide to clients.
NOA has secured $180-million in equity financing for the development and scaling of its operations, which will see about 450 MW of renewable energy facilities being under construction by the end of the year.
The company comments that reforms in the electricity market have allowed for more competition among electricity suppliers, particularly in areas with grid access, although areas in the Northern Cape remain unconnectable.
NOA will lead the drive to financial close of the 450 MW of planned projects, supported by WKN Windcurrent and PNE as project developers.
“This critical phase will require intensive collaboration to ensure that the commercial elements of the projects align seamlessly with the development efforts already in place,” NOA states.