Image: NOA Group
Independent power producer (IPP) NOA Group has successfully reached financial close on a 349MW solar photovoltaic (PV) project in Welkom, located in South Africa’s Free State province. Touted by the company as the largest of its kind in the country, the plant is part of a broader single-asset solar development with a total capacity of 506MW.
The newly financed facility, known as Khauta South, is scheduled for completion by Q4 2026. The second phase, Khauta West, is set to come online in 2027. The project marks a significant step forward in South Africa’s renewable energy landscape and positions NOA Group as a key player in utility-scale solar generation.
Originally acquired in 2024 from German renewable developer Pure New Energy (PNE), the Khauta South project has already broken ground earlier this year. Once operational, power generated from the facility will be transmitted through the national grid managed by state utility Eskom. A wide range of corporate off-takers will purchase the power, including confirmed partner Redefine Properties, a major real estate investment trust.
A key element of the financial package includes a payment guarantee facility secured by Standard Bank on behalf of NOA Trading. This mechanism enhances NOA’s ability to unlock equity capital, accelerate project timelines, and maintain commitments under its existing Generator Power Purchase Agreements (GPPAs).
“The guarantee facility enables us to deploy equity more efficiently, ensuring the rapid rollout of projects while supporting liquidity across our development pipeline. It also strengthens our position as a credible aggregator in energy supply agreements with commercial and industrial off-takers,” said Karel Cornelissen, CEO of NOA.
Looking ahead, NOA is expanding the project’s scope with integrated energy storage. The company plans to install Battery Energy Storage Systems (BESS) at the site to address grid congestion and improve load-shifting capabilities.
“While grid bottlenecks persist, we’re investing in BESS to enable better load-shifting and maximise the export of clean energy from our assets,” Cornelissen added.
With this major step forward, NOA Group is reinforcing its role in advancing South Africa’s transition to clean, reliable, and scalable energy infrastructure.
