SOLA Reaches Financial Close on South Africa’s Largest Solar and Battery Storage Project for Private Off-Takers

SOLA, a leading independent power producer, has achieved financial close on Naos-1, South Africa’s largest utility-scale solar photovoltaic (PV) and battery energy storage system (BESS) project developed for private off-takers. The milestone marks a significant advancement in the country’s private energy market and supports the transition toward firm, clean, and dispatchable renewable power.

The Naos-1 project will comprise 300 MW of solar PV capacity (435 MWp) combined with 660 MWh of battery storage, enabling reliable power supply and enhanced grid stability. The project will be located in the Free State province of South Africa.

SOLA has secured long-term power purchase agreements (PPAs) with Sasol and Air Liquide, two major industrial energy consumers, positioning the project as a benchmark for corporate renewable energy procurement in the region.

Commercial operations are targeted to commence in 2028. Once operational, the project is expected to play a critical role in delivering cost-competitive, low-carbon energy at scale, while strengthening energy security for private sector buyers.

The financial close of Naos-1 highlights the growing role of private power procurement in accelerating South Africa’s renewable energy transition and demonstrates the viability of large-scale solar-plus-storage solutions for meeting industrial energy demand.