Germany-based renewable energy developer PNE Group has reached financial close on its 240-megawatt (MW) Khauta South solar photovoltaic project in South Africa, marking a key milestone that enables full-scale construction to move forward.
The agreement, finalized in early June, was concluded with South African energy firm NOA Group and backed by Standard Bank. It represents the final payment milestone under the sales and development services agreement signed in early 2024.
“Financial close on the Khauta South solar PV project is a major achievement, and the PNE Group is proud to have played a key role in its early-stage development,” said Heiko Wuttke, chief executive of PNE. “This milestone demonstrates once again that PNE is a reliable project developer and partner even after the sale of a project.”
The solar facility, located in South Africa’s Free State province, has already entered early-stage construction. Commissioning is targeted for early 2027.
An adjacent 110MW site, Khauta West, is also in development, with financial close expected by the end of July. Both projects were sold to NOA by WKN Windcurrent, PNE’s South African subsidiary, which supported permitting, development, and grid access arrangements.
“This deal is testament to the power of partnership and the shared commitment between NOA and WKN to accelerate the build-out of large-scale renewable energy in South Africa,” said Karel Cornelissen, CEO of NOA Group. “We’re excited about the future of the Khauta project and its contribution to a cleaner, more resilient energy sector in South Africa.”
PNE has operated in South Africa since 2010 and currently manages a development pipeline of around 5 gigawatts (GW) across wind and solar projects. The company is also pursuing two green hydrogen initiatives in the region.
