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Senior Analyst - Sustainable Mobility Cape Town

R7bn battery projects reach financial close to boost Eskom resilience

21 Nov 2024

Three Oasis battery energy storage system (BESS) projects have reached financial close. has reached Financial Close on three battery energy storage system (BESS) projects. Oasis Mookodi, a 77MW AC/308MWh BESS project in Vryburg, the first of three projects to achieve financial close is part of South Africa’s first Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) which marks an important milestone in the nation's clean energy journey. Oasis is managed by Mulilo, in collaboration with EDF International, Pele Green Energy, and Gibb Crede.

A 3D render of an Oasis BESS site

The other two projects, Oasis Aggeneis and Oasis Nieuwehoop, reached financial close this week and construction is scheduled to begin before December.

Together these three projects will add a combined capacity of 257MW/1,028MWh from across both the Northern Cape and North-West provinces.

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The projects will operate under a 15-year Power Purchase Agreement with Eskom with a combined capital cost at approximately R7bn.

Debt financing has been secured through a consortium of local lenders, including Standard Bank and ABSA, reflecting the strong commitment of leading local financial institutions to advancing renewable energy solutions in South Africa.

Close collaboration

“Reaching financial close on all three BESS projects is a landmark achievement for Mulilo and aligns with our strategic commitment to diversification,” said Jan Fourie, CEO of Mulilo.

These BESS initiatives are pivotal for the nation, enhancing grid stability and enabling increased integration of renewable energy sources, such as solar and wind. This flexibility is crucial to achieving an optimised and balanced energy generation mix. We are also proud of the positive impact these projects will have on local communities.

BESS technology plays a transformative role in South Africa’s energy landscape, improving the grid’s resilience and supporting the nation’s shift toward a sustainable, low-carbon future.

Mulilo looks forward to expanding its BESS portfolio and contributing to the country's just energy transition, paving the way for a more reliable and environmentally friendly energy future.