Petra Diamonds Secures Long-Term Renewable Energy Agreements with Etana Energy

Petra Diamonds has entered into long-term Power Purchase Agreements (PPAs) with Etana Energy, a licensed South African energy trader, to procure wheeled renewable energy for its Cullinan and Finsch Diamond Mines. These agreements will supply between 36% to 72% of the expected load requirements for each operation from FY2026 onwards using the existing electrical grid.

This development marks a significant milestone in Petra’s sustainability efforts, helping the company achieve its target of reducing scope 1 and 2 greenhouse gas (GHG) emissions by 35-40% by 2030, based on its 2019 baseline, well ahead of schedule. Besides cutting down its carbon footprint, the renewable energy sourced from Etana is anticipated to stabilize energy costs and result in sustainable savings over the term of the PPAs. Petra is committed to achieving net-zero emissions for scope 1 and 2 by 2050, with an ambition to reach this goal by 2040.

Etana Energy offers cost-effective clean energy from new large-scale renewable projects, transmitted via the existing South African grid. The company has a portfolio of wind and solar projects set to become operational in 2025 and 2026. Etana’s emphasis on wind energy ensures a consistent renewable energy supply, enhancing both cost savings and environmental benefits.

Richard Duffy, Chief Executive of Petra Diamonds, stated, “These agreements align with Petra’s renewable strategy and exemplify the company’s integration of sustainability in all operations. This will significantly reduce our GHG emissions ahead of our 2030 target, further strengthening the sustainability credentials of our diamonds. The secured tariff is expected to lower our energy supply costs, reducing fixed costs at our South African operations. These agreements also reflect Petra’s commitment to creating shared value through partnerships, and we look forward to our collaboration with Etana.”

Reyburn Hendricks, Director of Etana Energy, expressed enthusiasm about the partnership, saying, “We are delighted to announce these agreements with Petra Diamonds, which shares our commitment to sustainability. This step is crucial in accelerating the rollout of new renewable energy capacity in South Africa, creating value for our customers, and positively impacting the country and the planet.”

These agreements underscore Petra’s commitment to sustainability and cost efficiency, paving the way for significant environmental and economic benefits.