NOA has reached financial close on the 349 MW Khauta South solar PV project in the Free State, unlocking capital to begin full construction on what is expected to become South Africa’s largest standalone solar PV facility once operational.
The project is located near Welkom and forms part of a 506 MW solar complex alongside the 157 MW Khauta West development. Together, the two sites are expected to generate 1 073 GWh of electricity per year, wheeled via Eskom’s grid to a portfolio of corporate off-takers.
The financial close was secured with support from Standard Bank, which structured a market-forming payment guarantee facility on behalf of NOA Trading. The facility enables NOA to reduce the amount of equity capital tied up as credit support under generator power purchase agreements, accelerating the rollout of additional projects in its pipeline.
“This is more than just a project milestone – it’s an evolution in how we finance renewable energy at scale in South Africa. The guarantee facility enables us to deploy equity more efficiently, ensuring the rapid rollout of projects while supporting liquidity across our development pipeline,” says Karel Cornelissen, CEO of NOA.
Ongoing grid constraints in resource-rich areas remain a challenge to project rollout but the company is actively investing in battery energy storage systems to improve load shifting and optimise clean energy exports from its sites, Cornelissen says.
NOA acquired the Khauta South project from Pure New Energy last year. Early works began at the beginning of 2025 with full construction expected to commence in the fourth quarter of this year. Commercial operation is scheduled for the first quarter of 2027. Electricity will be exported to the Eskom grid via an overhead line to the Leander substation. Khauta West is expected to come online earlier in the fourth quarter of 2026.
