SolarAfrica, a South Africa-based solar energy company, secured financial close on R1.5 billion (~$94 million) for the development and construction of the 114 MW SunCentral 2 utility-scale solar project in the Northern Cape.
RMB and Investec Bank provided the funding, which will enable boosting access to affordable and clean energy for South African businesses.
SunCentral 2 will follow SunCentral 1, which reached financial close at the end of 2024, also with a capacity of 114 MW. Together with SunCentral 3, these projects have a combined capacity of 342 MW. At full scale, SunCentral is planned to reach 1 GW.
A portion of the funding from each SunCentral project is allocated directly to the development of the project’s main transmission substation.
David McDonald, CEO at SolarAfrica, says, “Businesses want power they can trust – clean, affordable, and predictable – and SunCentral is being built exactly for that purpose. It’s encouraging to see the confidence from our funding partners as we move into the next stage of delivery.
“More than a big solar project, SunCentral is a long-term infrastructure investment that gives companies the ability to manage their costs, cut emissions, and reduce their reliance on utility power that is often vulnerable to unpredictable tariff hikes. This next step gets us closer to bringing that value to even more South African businesses.”
Large-scale project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
Previously, in 2024, Mulilo, a South Africa-based renewable energy developer and independent power producer, secured financial closure for the 75 MWac (105 MWdc) Ukuqala solar project near De Aar in the Northern Cape, South Africa. Nedbank, SBSA, and ABSA provided the debt financing. The Ukuqala Solar Project will power Air Product’s Air Separation Units across South Africa, delivering electricity via wheeling to various locations.
