Red Sands BESS Financial Close

The flagship project developed Globeleq and its project partner, Africa Rainbow Energy, is a strategic milestone in South Africa’s grid decarbonisation journey and its broader energy transition.

Located in the Northern Cape, the 153MW / 612MWh facility will provide dispatchable capacity and a comprehensive suite of ancillary services through a 15-year power purchase agreement with the National Transmission Company of South Africa (NTCSA), a wholly owned subsidiary of Eskom.

Standard Bank acted as co-mandated lead arranger, lender and co-hedging bank, extending a senior debt facility totalling ZAR2.8 billion and ZAR532 million in ancillary debt facilities. The transaction underscores our commitment to financing infrastructure that delivers lasting impact, improving grid resilience, supporting decarbonisation and enabling sustainable development.

"Financial close on Red Sands BESS is a pivotal step in delivering Africa’s largest standalone battery storage project. With strong backing from Standard Bank, and support from our public and private partners, we’re advancing a more resilient, low-carbon power system. This project builds on our renewable energy leadership and reflects our commitment to sustainable growth across the continent." - Jonathan Hoffman, CEO, Globeleq Africa

Beyond energy security, the project is designed to support local socio-economic growth, with an estimated 250 jobs created during construction and 80 permanent roles during operation.

“We are proud to support pioneering clients like Globeleq and African Rainbow Energy in financing sustainable infrastructure. Red Sands reflects our commitment to enabling impactful solutions that unlock Africa’s energy potential.” - Rentia van Tonder, Head: Power, Client Coverage, Standard Bank

The Red Sands project is more than a transaction; it is a signal of momentum in Africa’s energy future, the power of renewable energy finance and a testament to the value of collaborative, future-fit financial partnerships.