RMB Sparks a Solar Revolution: Securing R2.8 Billion for SOLA Group's Cutting-edge PV Project in South Africa!

Rand Merchant Bank (RMB) has facilitated the raising of a substantial R2.8-billion debt and equity package for South African independent power producer (IPP) SOLA Group’s 150 MW multi-offtake solar photovoltaic (PV) project near Virginia, in the Free State.

This initiative, one of the first multi-buyer programs in South Africa, is expected to commence commercial operations by mid-2025 under various power purchase agreements (PPAs).

The project, representing one of the largest solar PV installations in South Africa and the inaugural utility-scale multi-buyer platform, aims to provide flexible power solutions to corporates seeking cost-effective green electricity through dynamic, shorter-dated contracts.

RMB’s infrastructure equity head, Kwabena Malgas, highlighted the innovative financing solution, emphasizing RMB’s role as a leading infrastructure equity financing entity.

The project strengthens SOLA’s position as South Africa’s leading IPP engaged in selling power to private buyers, with a portfolio totaling 581 MW of wheeling capacity currently under construction.