SolarAfrica SunCentral 2

_{Our role}

Investec has underwritten R1 billion of senior debt facilities as part of a broader R2 billion funding structure to support the construction and operation of SunCentral 2 which forms part of SolarAfrica's 1 GW utility-scale solar PV project in the Northern Cape.

This builds on Investec’s support of the SunCentral 1 project in 2024, reinforcing a long-term partnership in scaling the broader SunCentral development. 

Following a 15-month construction period, the project will supply electricity under virtual power purchase agreements to a diversified group of offtakers. The development will strengthen energy security for commercial and industrial users while adding meaningful renewable capacity to South Africa’s grid. 

The transaction advances Sustainable Development Goal 7 (affordable and clean energy) and Goal 13 (climate action) by expanding utility-scale renewable energy capacity and accelerating the decarbonisation of South Africa’s energy system.

This transaction was executed through close collaboration with our Treasury Sales and Structuring team for Interest rate hedging and Forex.

About SolarAfrica

Founded in 2011, SolarAfrica is an Independent Power Producer and renewable energy provider focused on bringing innovative energy solutions to commercial and industrial (C&I) businesses across South Africa. Its offering includes on-site solar and battery storage, alongside virtual solutions such as wheeling, energy trading and aggregation, enabling businesses to enhance power security, reduce costs and lower carbon emissions.

The company has developed a portfolio of more than 200 projects, with 133MW of installed solar capacity across five African countries and 39MWh of battery storage. SolarAfrica is backed by IDEAS, African Infrastructure Investment Managers (AIIM), Helios Investment Partners, management and KLT/Buffett.

It has been recognised as the African Solar Company of the Year by the Africa Solar Industry Association in 2021 and 2023.