It was a joint mandated lead arranger in the US$550m deal to fund Bokpoort, a solar-powered renewable energy project in Northern Cape province.
The initiative will enhance the country’s electricity supply resilience, while also minimising CO2 emissions.
Through the world’s largest thermal storage, Bokpoort offsets demand during peak power periods. It is also equipped to deliver power well after sunset, providing additional peaking power for the country’s electricity grid – an important achievement in South Africa’s renewables sector.
Since the deal was made in 2013, it has been named African Renewable Deal of the Year in the Project Finance International Awards and Solar Deal of the Year by World Finance magazine.
“These accolades demonstrate Absa’s strong capacity in project finance, particularly in the increasingly crucial renewable energy sector. We are delighted that the importance of the transaction has been recognised with these awards,” said Philip Lindop, Head of Investment Banking at Barclays Africa Group.
The plant is being developed through a power purchase agreement under the South African government’s renewable energy initiative.
Absa is majority-owned by Barclays.