Red Rocket secures financing for 331 MWp solar park in South Africa

Independent power producer Red Rocket has confirmed the financial close of its Tournee Solar Park project, located in Mpumalanga province, South Africa. With an installed capacity of 331 megawatt-peak (MWp), the plant ranks among the country’s largest solar projects and is expected to begin commercial operations in 2027.

A banking consortium structures the financing

The financing arrangement was structured as a club deal involving Absa Bank, Standard Bank and the Development Bank of Southern Africa. The total amount of funding was not disclosed. The project is underpinned by a 20-year power purchase agreement (PPA) signed with Discovery Green, the energy subsidiary of the Discovery Group.

The site will feature approximately 463,000 bifacial photovoltaic modules mounted on trackers and connected to the national grid via a 132-kilovolt transmission line. The plant is expected to generate an average of 720 gigawatt-hours (GWh) per year, equivalent to the consumption of around 224,000 households.

One of the largest projects in Red Rocket’s portfolio

With this development, Red Rocket expands its portfolio, following the award of three projects under the seventh bid window of South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

Tournee Solar Park is presented as the second-largest solar project in South Africa, a country where coal still dominates electricity generation. The expansion of large-scale solar infrastructure reflects a broader trend towards energy mix diversification, although thermal generation remains predominant.

“This achievement reflects our commitment, the confidence of our financiers, and our collaboration with our power buyer, Discovery Green,” said Matteo Brambilla, Chief Executive Officer of Red Rocket.