NOA & Standard Bank closed 349 MW PV project in South Africa

Standard Bank, an African bank, and NOA has reached financial close on the 349 MW Khauta South Solar PV project in South Africa’s Free State province. The project became the country’s largest single-asset solar PV development and part of a 506 MW complex including Khauta West (157 MW). It introduced a Payment Guarantee Facility structured by Standard Bank to help NOA redeploy equity capital for other renewable projects while maintaining Generator PPA obligations. The project’s electricity will be wheeled via Eskom’s grid to commercial off-takers like Redefine Properties. Construction began in early 2025, with Khauta South set to produce energy from early 2027. NOA acquired the project from Pure New Energy in April 2024 and planned to integrate BESS to manage grid constraints.