Fedgroup has closed a R51.8 million private capital deal with Coega Steels to fund 75% of a 7.1 MWp solar PV installation. The financing is structured as an Instalment Sale Agreement, with Coega Steels contributing a 25% deposit of R17.3 million.
The installation is being delivered in partnership with Emergent Energy and combines rooftop and ground mounted solar across the Coega Steels site in the Coega IDZ. Once fully operational, the system is expected to generate about 9.3 GWh in its first year, using 11,420 panels spread across multiple installation areas.
The system comprises a 2.5 MWp installation on the new building, a 1.4 MWp installation on the existing building and a 3.2 MWp ground mounted component. Together, these are expected to deliver first year electricity savings of roughly R19.2 million. Coega Steels plans to add a further 19.8 MW of solar capacity by the end of 2027. Fedgroup hopes to support this phase through direct funding of additional income-generating energy infrastructure.
For a manufacturer that operates around the clock, the project represents a material shift towards lower cost and more resilient energy. Coega Steels works in an environment where energy reliability and cost control are business critical, and the installation will reduce its reliance on grid electricity while supporting its move towards greener steel production. The scale of the system is matched to the demands of heavy industrial operations.
Author: Bryan Groenendaal
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