NOA Group Bolsters Renewable Energy Holdings with Khauta Solar PV Facility Acquisition, Ventures into Utility-Scale Solar

NOA Group has announced the successful acquisition of the Khauta Solar PV Facility, totaling 350MW, from PNE. Situated near Welkom in the Free State, this acquisition bolsters NOA’s grid-secured assets to approximately 500MW, marking a significant advancement in its portfolio and progress towards a 5GW target.

Scheduled for financial close and construction commencement by Q4 2024, the Khauta solar PV assets signify NOA’s commitment to expanding its renewable energy portfolio with the support of shareholder AIIM and other key stakeholders.

Karel Cornelissen, CEO of NOA Group, emphasized the company’s scaling operations with $180 million in equity financing secured for development. He anticipates having around 450MW of renewable energy facilities under construction by the end of the year.

The Khauta project marks NOA’s entry into utility-scale solar PV facilities, positioning the company as an energy aggregator capable of generating, wheeling, and distributing clean electricity nationwide to clients committed to decarbonizing their operations.

Cornelissen highlighted the alignment of this venture with recent reforms in the country’s electricity market, emphasizing increased competition among electricity suppliers and the evolving wholesale electricity market framework.

Situated outside the Renewable Energy Development Zone 5 (REDZ 5), the Khauta cluster connects to the Leander Substation within Eskom’s transmission corridor.

As one of the largest clusters in the Free State, the Khauta project reflects the region’s growing interest in renewable energy, driven by improved grid access compared to other green energy hotspots like the Northern Cape.

NOA, supported by WKN Windcurrent and PNE, will lead the drive to Financial Close of these projects, with ongoing collaboration to ensure seamless alignment of commercial goals with development efforts.

Cornelissen expressed optimism about finalizing the selection of the EPC contractor and OEMs, emphasizing ongoing support from developers in advancing the project towards financial close.