Seriti Green secures 295.6 million for 155 MW wind project in Mpumalanga, backed by Standard Bank and other financiers.
The project will create 800 jobs during construction and expand Seriti Greens installed wind capacity to 310 megawatts by 2027.
Electricity will be sold to Energy Exchange of Southern Africa, marking its first large-scale power procurement venture.
Seriti Green, the clean-energy arm of South African tycoon Mike Teke s Seriti Resources, has secured financial close on a 295.6 million package to fund the construction of its 155 MW Ummbila Emoyeni 3 wind project in Mpumalanga.
The project, part of the second phase of Seriti Greens wind energy developments, is expected to create more than 800 jobs during construction while offering skills training opportunities for young people. The funding package includes R4.9 billion 277 million in debt and R330 million 18.6 million in equity.
Standard Bank is the lead financier, providing half of the debt at R2.45 billion 138.4 million, while other lenders and shareholders contributed the remainder. With agreements now in place, construction of Ummbila Emoyeni 3 is moving forward. Once completed in 2027, the facility will expand Seriti Greens installed wind capacity to 310 megawatts.