GGA advised on the debt and equity raise for the hybrid Oya project in South Africa.
Green Giraffe Advisory was mandated as exclusive financial advisor to raise debt and equity for the Oya project. This was following on from its support in the successful bid in the Risk Mitigation Independent Power Producers Programme (RMIPPPP), where Oya was awarded a 20-year PPA with Eskom in 2021.
The Oya project is a 128 MW co-located hybrid project straddling the Western and Northern Cape provinces in South Africa that consists of a mix of onshore wind turbines (86 MW), bi-facial solar PV arrays (155 MWp), lithium-ion battery storage (94MW/242MWh) and a unique hybrid controller supplying dispatchable baseload power during daytime hours, thus making it one of the biggest hybrid projects of its kind in the world. The landmark project will be instrumental in South Africa’s transition to a renewable energy power mix and in reducing load shedding.
Green Giraffe Advisory is proud to have supported this complex and innovative Oya project and its leading sponsors G7 Renewable Energies, a local developer, and Engie, a multinational utility company, since the tender bid submission phase in 2020 and to have delivered its full suite of fundraising services all the way up to financial close achieved on February 13th 2024.
Equity was raised from Engie and Meadows Energy and Perpetua as B-BBEE investors and a highly competitive debt package was raised from RMB (as MLA), DBSA, OMAI, Sanlam and Stanlib.
