SolarAfrica has secured R1.5 billion(US$94m) in financing to advance its renewable energy expansion with the development of SunCentral 2, a 114 MW utility-scale solar power plant located in South Africa’s Northern Cape.
The funding package, arranged by RMB and Investec Bank Limited, marks a major milestone for SolarAfrica’s utility-scale solar programme and underscores growing investor confidence in large-scale clean energy projects on the continent. The financial close enables construction to move forward on the next phase of SolarAfrica’s flagship renewable energy footprint, which targets increased access to affordable, clean power for South African businesses.
SunCentral 2 will add significant generation capacity to South Africa’s energy mix, supporting local companies looking to reduce their reliance on costly grid electricity and contribute to decarbonisation goals amid ongoing national power supply challenges. SolarAfrica’s approach combines renewable energy generation with tailored financing solutions, enabling commercial and industrial customers to adopt solar power without upfront capital expenditure.
The Northern Cape, known for its high solar irradiance, has become a focal point for utility-scale renewable development, with SunCentral 2 set to contribute to regional energy output and economic growth.
In a statement, SolarAfrica said the funding close reflects strong support from financial institutions for projects that deliver both climate impact and commercial viability. The company expects the plant to begin delivering power to customers once construction milestones are met.
The new financing builds on SolarAfrica’s track record of deploying clean energy projects across South Africa, helping businesses cut energy costs, reduce carbon emissions and enhance energy security.
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