Germany's PNE sells 240 MW solar power project in South Africa

German renewables developer PNE AG (ETR:PNE3) has sold a 240-MW solar photovoltaic project in South Africa, the firm said on Wednesday.

The Khauta solar project, situated in the Free State province, was bought by South African integrated energy company NOA Group Ltd. The price was not disclosed.

Khauta is expected to be fully developed by mid-2024. A project expansion scenario is also a possibility, according to PNE.

The German firm said that it will “continue to support the project further” through its South African development arm WKN Windcurrent.

The Khauta project is set in a region with a strong presence of mining, resources and agricultural sectors, PNE said, suggesting potential to deliver solar power for their operations.

“[…] With NOA, we have a strong partner with whom we are one step closer to a secure power supply through clean energy,” commented Markus Lesser, CEO of PNE AG.

Added Karel Cornelissen, CEO of NOA: “The Khauta project will be a pioneering project for NOA as it will be the first large scale (>100MW) solar facility entering the NOA aggregator portfolio. As NOA, together with the support of our shareholder, African Infrastructure Investment Managers (AIIM), we aspire to make a meaningful contribution towards solving the immediate energy supply deficit in South Africa”.