THE landscape of renewable energy in the Eastern Cape has reached a defining moment as the Parsons Power Project officially achieved financial close for Phase 1A. The announcement, made by Natura Energy general manager Ezio Vernetti, clears the way for the immediate construction of the 31MWp solar PV facility.
This milestone marks a significant ‘first’ for the region, as the project represents the largest utility-scale generation facility connected directly to the Nelson Mandela Bay Municipality (NMBM) electricity network.
A collaborative effort
The project is the result of an intensive development cycle led by Natura Energy in close collaboration with co-sponsor Raw Renewables. The journey from green-field development to a bankable reality involved a complex web of high-level partners.
Standard Bank served as the arranger and lender, while Yellow Door Energy, a reputable solar PV developer and IPP base in the UAE and South Africa has joined the project at Financial Close as the 51% majority shareholder. Crucially, the project’s long-term viability is underpinned by a 25-year Power Purchase Agreement (PPA) with POWERX.
In an online post, Vernetti also recognised the valuable contribution made by Balmoral Projects for their outstanding corporate advisory support and Natura’s core owner advisory team: 3E Renewables, Cresco Project Finance, ENS, SKR Consulting, Marsh, and the Lender advisory team of Bowman’s, Arup, CAPIC and AON.
“This success would not have been possible without the support and collaboration of an exceptional group of partners,” Vernetti stated, noting that Alensy Energy Solutions has been appointed as the Engineering, Procurement, and Construction (EPC) contractor.
Scaling for the future
While Phase 1A focuses on 31MWp, the broader vision for the Parsons Power Park is far more ambitious. Initially conceived as a R2.7 billion venture, the total project aims to reach a capacity of 150 MW.
The facility is strategically located just 500 meters from the Rowallan Park Distribution Substation, making it an ideal hub for the commercial and industrial market. By bypassing the complexities of Eskom’s national grid through ‘wheeling’ — the process of transporting electricity across local municipal lines — the project offers businesses a competitive, green alternative to traditional power.
The Parsons Power Park team is already actively working on Phase 1B of the project which will deliver yet another 31MW of installed capacity.
