Red Rocket Closes On Onshore Wind Projects Worth R12 Billion
Red Rocket Closes On Onshore Wind Projects Worth R12 Billion. Standard Bank is proud to announce that it has partnered with Red Rocket, African Infrastructure Investment Managers (through its IDEAS Fund) and Jade-Sky Energy to reach financial close on 3 onshore wind projects with a total value of R12 billion.
Red Rocket is a fully integrated African independent power producer that was recently awarded these 3 projects in bid window 5 of the Department of Mineral Resources and Energy (DMRE) renewable energy independent power producers procurement programme (REIPPPP). The projects are Wolf Wind Farm in the Klein Winterhoek Mountain Ridge, Eastern Cape, and Brandvalley Wind Farm and Rietkloof Wind Farm in Matjiesfontein, Western Cape. These locations are all known for having strong wind resources and good access to Eskom’s electricity grid.
Standard Bank acted in its capacity as joint mandated lead arranger, hedge provider and agent in the transaction and is providing approximately R5.5 billion across multiple debt facilities. The senior and subordinated debt facilities will be used for the construction of the wind farms. These projects will not only provide a secure renewable energy source for the respective communities but also contribute towards the economic growth of those communities through job creation.
Standard Bank remains committed to partnering with companies that focus on renewable energy generation in order to support the company’s ambition of driving sustainable energy transition for the country and continent.
