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NOA and Standard Bank close financing for 349 MW Khauta South solar project

South African group NOA and Standard Bank have finalised the financing of the 349 MW Khauta South solar site, now the largest developed on a single site in South Africa.

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Energy group NOA announced on June 9 that it had closed financing for its Khauta South photovoltaic plant, with an installed capacity of 349 megawatts. Located near the city of Welkom in South Africa’s Free State province, the site is currently the largest single-site solar project built in the country.

A financial structure arranged by Standard Bank

The financial transaction was carried out with the participation of Standard Bank, which designed a payment guarantee mechanism. This structure enabled NOA to free up internal capital to accelerate the deployment of additional projects. No information was disclosed regarding the total investment or the plant’s commissioning date.

Khauta South is part of the broader Khauta solar complex, with a combined capacity of 506 MW. According to NOA’s forecasts, the complex is expected to produce more than 1,000 GWh of electricity per year, although no specific timeline or capacity allocation by unit has been made public.

Private production models expanding

According to Karel Cornelissen, Chief Executive Officer of NOA, the financing model reflects a shift in how large-scale renewable energy projects are developed in the country. He stated that the structure in place marked a significant milestone for the sector, although he did not specify which industrial partners were involved in the construction.

In parallel, NOA is continuing to develop energy supply solutions for industrial clients. In February 2025, the group signed a power purchase agreement with Teraco, a subsidiary of US-based data centre services provider Digital Realty, to supply its infrastructure with wind power.

Private finance gains momentum

Standard Bank, involved in structuring several infrastructure financings in Southern Africa, plays a central role in supporting independent power producers. The bank did not disclose the precise share of its financial commitment to the Khauta South project but reaffirmed its strategic position in reshaping the regional energy mix.

The finalisation of Khauta South’s financing comes as private companies and financial institutions increasingly form partnerships to meet rising electricity demand in the country. Neither NOA nor local authorities have yet published an official timeline for construction or grid connection.

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