Standard Bank reaches financial close on 400MW Overberg Wind Project
08 Jul 2025
Country
South Africa
Year
2025
Sector
Energy and Infrastructure
Business Unit
Investment Banking
Specific Role
Joint Mandated Lead Arranger, Account Bank And Hedging Bank
Standard Bank is proud to announce that it has successfully reached financial close on Phase 2 of the Overberg Wind Farm. This 158MW landmark project is set to become South Africa's largest multi-off-taker commercial wind farm, marking a crucial stride in the nation's renewable energy development.
The Overberg Wind Farm was developed by Red Rocket near Swellendam in the Western Cape. Once fully operational, it will deliver 400MW of clean energy, making it South Africa's largest single commercial wind project.
Standard Bank acted in its capacity as joint mandated lead arranger, account bank and hedging bank for this transaction, which highlights the bank’s expertise in the energy sector, ability to structure complex transactions and dedication to fostering sustainable growth.
The off-taker, Discovery Green, the energy aggregator business of Discovery Limited, has secured a 25-year power purchase agreement (PPA), marking its first utility-scale project and a milestone in its sustainability journey.
This transaction also reinforces Standard Bank’s position as the leading South African bank for closing energy aggregator transactions and highlights its expertise in navigating the evolving energy market.
The Overberg Wind Farm, once fully operational, will deliver 400MW of clean energy—making it the largest single commercial wind project in South Africa. Secured in two phases (phase one secured in March 2025), this project reflects our commitment to enabling transformative, sustainable energy solutions that power communities and industries.
This deal underscores Standard Bank’s strength in driving innovative partnerships and shaping the future of South Africa’s energy ecosystem.