Red Rocket Secures Funding for Major South African Solar Project

• Red Rocket's 331-MWp Tournee Solar Park in Mpumalanga powers 224,000 homes by 2027, marking a major leap in South Africa's renewable energy landscape.

Red Rocket, a South African independent power producer, has secured financial closure for the 331-MWp Tournee Solar Park project in Mpumalanga, marking it as the second-largest solar project in the country. The project, featuring 463,000 bifacial solar modules on single-axis trackers, will connect to the national grid via a 132-kV power line. Scheduled for operation in 2027, it will produce 720 GWh of electricity annually, powering approximately 224,000 homes.

Discovery Green has signed a 20-year power purchase agreement for the project, marking its second collaboration with Red Rocket. Financing involves Absa Bank, Standard Bank, and the Development Bank of Southern Africa, with the Red Rocket Opportunity Trust as the Black Economic Empowerment partner.

How will the Tournee Solar Park impact South Africa's energy landscape and economy?

• Increase in Renewable Energy Capacity: The Tournee Solar Park will significantly boost South Africa's renewable energy capacity, contributing to the country's goals of reducing reliance on fossil fuels and lowering carbon emissions.
  
• Energy Security: By adding 720 GWh of electricity annually to the national grid, the project will enhance energy security and help mitigate the frequent power shortages and load shedding issues in South Africa.
  
• Economic Growth: The construction and operation of the solar park will create jobs, stimulate local economies, and attract further investments in the renewable energy sector.
  
• Black Economic Empowerment: The involvement of the Red Rocket Opportunity Trust as a Black Economic Empowerment partner will promote inclusivity and support the economic advancement of historically disadvantaged communities.
  
• Technological Advancement: The use of bifacial solar modules and single-axis trackers represents a step forward in adopting advanced solar technologies, potentially leading to increased efficiency and energy output.
  
• Long-term Energy Pricing Stability: The 20-year power purchase agreement with Discovery Green ensures stable and predictable energy pricing, which can benefit both consumers and businesses.
• Environmental Benefits: By reducing reliance on coal and other non-renewable energy sources, the solar park will contribute to improved air quality and environmental sustainability in the region.
• Infrastructure Development: The project will necessitate the development of infrastructure, such as the 132-kV power line, which can have additional benefits for local communities and industries.
• Alignment with National Energy Policies: The project aligns with South Africa's Integrated Resource Plan, which aims to diversify the energy mix and increase the share of renewable energy sources.