Red Rocket Energy reports that it has reached that it has finalized legal procedures in relation to three wind projects it won in a consortium during South Africa’s fifth round of the Renewable Energy Independent Power Producer Procurement Program (REIPPPP). The projects are the Brandvalley and Rietkloof wind farms that border the Western and Northern Cape provinces and Wolf wind farm in Eastern Cape.
The agreements were concluded at the IPP Office in Centurion with the signing of the Power Purchase Agreements (PPAs) with Eskom and the Implementation Agreements (IAs) with the Department of Mineral Resources and Energy (DMRE). Legal Close will be followed by the Commercial Close with the Department and Eskom later this month with Financial Close to follow shortly thereafter.
The three wind energy projects will be built over a period of 24 months adding a total 364-MW capacity to the Eskom grid by the end of 2024. In excess of the equivalent of 600 job years for South African citizens will be created during the construction and operation periods for each of the projects. Red Rocket South Africa will coordinate the construction of the wind farms with Vestas wind turbines and local contractors.
The Shareholders of the Consortium with Red Rocket Energy as the lead member, AIIM through its IDEAS Fund, Jade-Sky Energy, and the Red Rocket Opportunity Trust will contribute equity to the projects. Project finance funding will be provided jointly by the mandated lead arrangers, Absa and Standard Bank, for the three wind projects.
Red Rocket South Africa has successfully finalized the development of these projects initiated by G7 Renewable Energies (Brandvalley, and Rietkloof) and JUWI Renewable Energies (Wolf).