Standard Bank has successfully reached financial close on Phase 2 of the Overberg Wind Farm, a landmark 158MW renewable energy project that is poised to become South Africa’s largest commercial wind farm with multiple off-takers. This milestone marks a significant advancement in the country’s transition toward cleaner, more sustainable energy sources.
Located near Swellendam in the Western Cape, the Overberg Wind Farm is being developed by Red Rocket, a leading renewable energy company. Once fully operational, the project will generate 400MW of clean electricity, making it the largest single commercial wind energy development in South Africa to date.
Standard Bank played a pivotal role in the transaction, acting as joint mandated lead arranger, account bank, and hedging bank. This involvement underscores the bank’s deep expertise in the energy sector, its ability to structure complex financial deals, and its ongoing commitment to supporting sustainable infrastructure across the continent.
A key feature of this project is its multi-off-taker model, with Discovery Green—the energy aggregator arm of Discovery Limited—securing a 25-year power purchase agreement (PPA). This marks Discovery Green’s first utility-scale renewable energy project, representing a major step forward in its sustainability strategy and a broader shift toward corporate energy independence in South Africa.
The Overberg Wind Farm is being developed in two phases, with Phase 1 having reached financial close in March 2025. Together, the two phases reflect a bold commitment to enabling transformative energy solutions that power both communities and industries.
“This transaction not only reinforces Standard Bank’s leadership in financing energy aggregator deals,” the bank noted, “but also highlights our role in shaping the future of South Africa’s energy landscape through innovative partnerships and sustainable investment.”
As the country continues to diversify its energy mix and reduce its reliance on fossil fuels, the Overberg Wind Farm stands as a beacon of progress—demonstrating how strategic collaboration between financial institutions, developers, and corporate off-takers can drive meaningful change in the energy sector.
