Red Rocket has announced the successful financial close for the 275 MWp Virginia Solar Park, marking a significant achievement for the integrated Independent Power Producer (IPP) and the continuation of its endeavours to drive clean, sustainable energy through renewable sources.
Since launching in South Africa, Red Rocket has been on an upward trajectory characterised by consecutive wins in each of the bid rounds of the Renewable Energy Independent Power Producers’ Procurement Programme (REIPPPP), an impressive track record solidifying its position as a market leader in Africa’s highly competitive renewable energy landscape.
Located in the Free State about 140km north-east of Bloemfontein, Virginia Solar Park is the biggest solar farm under the REIPPPP and has a contracted capacity of 240MW, for which Red Rocket was awarded under Bid Window 6.
The company secured the most megawatts awarded during this round, at 440MW, representing a monumental victory of 44 percent of the MWs awarded in Round 6.
CEO of Red Rocket, Matteo Brambilla, has welcomed the latest milestone by the company, which has boldly and consistently held its own against large multinationals to become the most successful IPP in South Africa.
He said: “Red Rocket has been highly successful in REIPPPP bid windows as well as in the increasing C&I market. We are proud to be the driving force behind REIPPPP’s largest solar project to date, but not only that, we can proudly say the largest grid-connected solar farm on the continent is now in South Africa.”
The announcement follows Red Rocket’s triumphs in reaching financial close and commencing construction on its three wind projects – Wolf Wind Farm in the Eastern Cape, Brandvalley and Rietkloof wind farms in the Western Cape – awarded in Round 5 of the REIPPPP, and the Witberg Wind Farm with a private off-taker. With the addition of Virginia, the Cape Town-based IPP has 750 MW projects under construction expected to reach commercial operation starting from Q4 of this year.
Once construction is completed, the electricity generated from Virginia Solar Park will be enough to provide power up to 240 000 homes, making a significant difference in the country.
The project also stands to contribute over 331 full-time equivalent jobs during construction and operations.
Virginia Solar Park joins other successful projects in the IPP’s portfolio – powered by its relentless mission to add crucial capacity to the grid – and is set to go a long way in helping South Africa address its immediate and future energy needs.
The project is the culmination of a partnership between Red Rocket, investment holding company Reatile, equity partners, Jade-Sky Energy, and the Red Rocket Opportunity Trust. It will be financed by Rand Merchant Bank (RMB).
A joint venture between PowerChina and Green Whistle will build the Virginia Solar Park under a turn-key EPC contract.