South African renewable energy firm NOA Group has announced financial close on its first wholly-owned large-scale wind energy project, the 94.5MW Wind Garden.
Located in the Eastern Cape’s Makhanda, the project is the second NOA development to be financed by Standard Bank, following the financial close of the R4.9 billion Ishwati Emoyeni Wind Farm.
In a statement, the company says the project has officially reached financial close, with a formal ground-breaking ceremony held last week.
“This milestone underscores both our commitment to NOA and our shared commitment to advancing South Africa’s energy transition,” says Nicholas Knott-Craig, executive: energy and infrastructure finance at Standard Bank.
“We are immensely proud to have partnered with NOA,” adds Vincenzia Leitch, executive: energy and infrastructure client coverage at Standard Bank.
The NOA Group develops, constructs and operates large-scale wind, solar and energy storage facilities.
Its announcement comes as SA accelerates its transition to renewable energy, with an estimated R150 billion investment pipeline across solar photovoltaic and wind projects by 2030.
According to the statement, the facility will produce an estimated 287GWh of clean power annually, offsetting over 304 000 tonnes of CO₂ each year. The project comprises 21 Vestas turbines – each with a capacity of 4.5MW – standing at 112 metres tall, with 75-metre blades.
“Wind Garden marks a major step in NOA Group’s expansion of its national footprint, designed to build a robust portfolio of renewable energy generation assets,” states Karel Cornelissen, CEO of NOA Group.
“Achieving these goals relies on strong financial partnerships, which are essential to unlocking private investment that supports both economic recovery and South Africa’s decarbonisation ambitions.
“Wind Garden is not only our first wholly-owned project to reach financial close and enter construction, but it also underscores NOA’s role in a decentralised, private energy market.
“This comes at a time when South Africa is shifting away from public procurement as the primary driver of large-scale renewable energy, with private off-taker agreements and independent power producers increasingly taking the lead.”
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