South African independent power producer NOA Group has reached financial close on a 349-MW solar project to be installed as part of the largest single-asset photovoltaic (PV) park in its home country.

The funding transaction includes a payment guarantee facility provided by financial entity Standard Bank on behalf of NOA Trading, the South African Photovoltaic Industry Association (SAPVIA) said on Friday. It explained that the facility will allow NOA to free up equity capital that would normally be utilised as credit support, thus helping it develop more renewable energy projects.

The Khauta South solar park will be installed near Welkom in the Free State province of South Africa. It will form part of a larger complex of 506 MW, which will also incorporate Khauta West, a 157-MW plant due to be energised in the last quarter of 2026.

Khauta South was acquired by NOA in April 2024 from Pure New Energy (PNE) and began early construction works early in 2025. The plant is expected to go online at the start of 2027.

Once up and running, the Khauta solar parks will generate roughly 1,073 GWh annually, to be distributed via Eskom’s grid. The power will be sold to companies across various sectors such as mining and manufacturing. Among the confirmed off-takers is real estate investment trust Redefine Properties, which will procure electricity to decarbonise its property portfolio.

NOA, which is backed by African Infrastructure Investment Managers (AIIM), develops, builds and operates large-scale wind, solar and energy storage facilities and currently has 740 MW of grid-secured projects in its portfolio. Last month, it achieved financial close on a 94.5-MW wind project in the Eastern Cape province.