Oya Energy has reached financial close. The hybrid renewable energy project is being developed by French independent power producer (IPP) Engie and several South African partners.
Good news for Engie in South Africa. The French independent power producer (IPP) has reached an important milestone in the development of its project, Oya Energy, which it is developing with other players in the renewable energy sector in South Africa. The financial closing of the project is announced at a time when the southern African country is seeking urgent answers to its energy crisis.
Engie refrains from providing details on the financing of Oya Energy. We do know, however, that IPP owns (35%) the special-purpose company along with G7 Renewable Energies (20%), Meadows Energy (22.5%) and Perpetua Investment Holdings (22.5%). “As the initial developer of Oya since 2015, G7 led the complex and visionary hybrid technical modeling, complementing the originally planned stand-alone wind farm with battery storage and an optimally scaled photovoltaic system to realize this unique project,” explains Kilian Hagemann, president and CEO of G7 Renewable Energy.
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Specifically, the project developed under the South African government’s Independent Power Producers’ Risk Mitigation Procurement Program (RMIPPPP) involves the construction of a 155 MWp solar photovoltaic park. On the same site, between the towns of Ceres and Sutherland, an 86 MW wind farm will be installed. The output of both power plants will be supported by a 92 MW/242 MWh battery storage system.
A great way to get around the intermittency associated with the production of certain renewable energies. The electricity produced will be fed into the grid of the state-owned utility Eskom, under a 20-year power purchase agreement (PPA). According to estimates, the Oya Energy hybrid plant will be able to avoid emissions of 573,105 carbon dioxide equivalents (CO2) per year. It will be capable of powering 180,000 South African homes.
Jean Marie Takouleu
