Vrede Solar reaches financial close

Vrede Solar has achieved financial close, marking a major milestone in the development of the utility-scale solar photovoltaic (PV) project and paving the way for construction activities to commence.

Located within the Moqhaka Local Municipality, the project forms part of a new generation of privately developed renewable energy facilities that are helping to diversify the country’s electricity supply while providing businesses with access to reliable, cost-effective and sustainable power.

The electricity generated by Vrede Solar will be supplied to multiple commercial and industrial customers through flexible Renewable Energy Supply Agreements (RESAs), enabling businesses to secure clean energy through innovative and adaptable power purchasing arrangements.

Wholly financed by Mainstream Renewable Power, the company’s General Manager for Africa, Hein Reyneke, said, “We are excited to bring this new product to market, offering customers the opportunity to secure flexible, clean and lower-cost electricity.’

Reaching financial close reflects the confidence of investors, partners and stakeholders in the project and its long-term contribution to South Africa’s energy security.