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NOA Group Announces Strategic Acquisition AND PIPELINE AMBITIONS

NOA Group is pleased to announce the successful acquisition of the Khauta Solar PV Facility, comprising 350MW from PNE. Located near Welkom in the Free State, this significant addition brings NOA’s total grid-secured assets to around 500MW, marking an advancement in its portfolio and a step closer to achieving a 5GW target.

These solar PV assets are on track for financial close and the commencement of construction by Q4 2024, reinforcing NOA’s plans to expand its renewable energy portfolio with the backing of its shareholder AIIM and other key stakeholders.

“With $180 million in equity financing already secured for development, we are scaling our operations, which includes an extensive pipeline of projects. By the end of this year, we expect to have approximately 450MW of our fleet of renewable energy facilities under construction,” said Karel Cornelissen, CEO of NOA Group.

The Khauta project is not only a significant addition to NOA’s portfolio but also marks its inaugural venture into utility-scale solar PV facilities, underscoring the company’s role as an energy aggregator, capable of generating, wheeling, and selling clean electricity nationwide to clients across the country, all committed to decarbonising their operations.

“This aligns with recent reforms in our country’s electricity market, which have accelerated over the past two years, fostering competition among electricity suppliers and highlighted by the release of a draft market code as part of the evolving wholesale electricity market framework,” added Cornelissen.

These projects are situated outside the REDZ 5, primarily located in the Free State, with the overhead line (OHL) connecting to the Leander Substation within Eskom’s transmission corridor.

The Khauta cluster is one of the largest in the Free State, a region that has recently drawn significant interest, with several large clusters nearing commercialisation. This interest is largely due to improved grid access—a challenge in other green energy hotspots like the Northern Cape, where capacity is reaching its limits.

NOA will lead the drive to Financial Close of these projects, supported by WKN Windcurrent and PNE, the project developers. This critical phase will require intensive collaboration to ensure that the commercial elements of the projects align seamlessly with the development efforts already in place.

“We are close to finalising the selection of the EPC contractor and OEMs. With ongoing support from the developers, we are advancing the project towards financial close, aligning our commercial goals with the substantial groundwork already laid,” concluded Cornelissen.

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