Globeleq, the Africa-based power company owned by British International Investment and Norfund, and its project partner African Rainbow Energy, have achieved financial close on a 153MW/612MWh utility-scale battery energy storage system (BESS) in South Africa.
Globeleq and African Rainbow has raised $300 million (ZAR 5.4 billion) in debt financing from Absa and Standard Bank for the BESS project.
The BESS project agreement has been signed by the Department of Electricity and Energy and the National Transmission Company South Africa (NTCSA) at the 2025 Africa Energy Forum.
This includes the Minister for Electricity and Energy, Dr Kgosientsho Ramokgopa, as well as Segomoco Scheppers, interim CEO of the NTCSA and Johnathan Hoffman, Globeleq CEO.
The Red Sands BESS is set to span across approximately five hectares and supply electricity to the NTCSA for 15 years under a power purchase agreement.
China Energy Engineering Corporation is set to be the engineering and procurement contractor, with the BESS technology and long-term service agreement provided by the China-based BESS company Sungrow.
The Red Sands BESS is said to create around 250 jobs during construction and during its operation will create 80 jobs.
Jonathan Hoffman, CEO, Globeleq said: “Financial close on Red Sands BESS is a pivotal step in delivering Africa’s largest standalone battery storage project. With strong backing from Absa and 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.”
Image: The signing of the Red Sands BESS project agreement with the Department of Electricity and Energy and NTCSA. Credit: Globeleq.
