Anthem’s Notsi Solar PV Project Achieves Financial Close in South Africa
Anthem, a leading independent power producer in South Africa, has successfully reached financial close on its impressive 475 MWac (620 MWdc) Notsi solar PV project located in the Free State. This milestone comes after securing private offtake agreements with electricity traders Discovery Green and NOA Group.
Financial Framework and Supporting Consortium
The transaction, valued at R9 billion, is backed by a consortium of reputable lenders, including Standard Bank, Nedbank, ABSA, and Vantage GreenX Note. Anthem serves as the lead developer, generator, and majority equity stakeholder in the project, with Reatile Group as its equity partner.
Notsi’s Innovative Energy Model
The Notsi project employs a unique multi-offtaker wheeling model, utilizing agreements with Eskom to transport energy over the national grid through 20-plus year offtake agreements. This shift emphasizes the growing role of traders in supporting new generation projects, as highlighted in a recent report by the South African Energy Traders Association, which indicated that most of the 1 GW of new projects achieving financial close in 2025 were supported by trader commitments.
Benefits to Various Sectors
Discovery Green will manage the sale of 290 MW of electricity to various sectors, including industrial, retail, mining, and farming. Additionally, some of this power will benefit Ampli Energy, a joint venture with Sasol, aiming to provide flexible month-to-month supply options to smaller businesses.
Project Scale and Construction Timeline
Spanning over 1,000 hectares, Notsi is set to become the largest solar PV project in South Africa, featuring over 860,000 solar panels and an annual energy output of about 1,500,000 MWh. The engineering, procurement, and construction contractor is a joint venture between China Energy Engineering Corporation and Northwest Electric Power Design Institute. Construction is anticipated to be completed within 26 months.
Anthem’s Vision for Renewable Energy
Anthem CEO James Cumming stated that the Notsi project is designed to generate low-cost wholesale power for the private market, ensuring amortization of substantial grid upgrades being executed for Eskom and the National Transmission Company South Africa.
Expanding Anthem’s Renewable Portfolio
Founded in 2025 through the merger of African Clean Energy Developments and EIMS Africa under the management of the African Infrastructure Investment Managers IDEAS Fund, Anthem now boasts over a gigawatt of operational or under-construction wind and solar projects. This forms part of a larger portfolio consisting of more than 2.7 GW across 17 wind and solar projects and an 11 GW greenfield pipeline.
Future Impacts on Renewable Energy Strategy
Discovery Green CEO Andre Nepgen emphasized that the Notsi project will significantly enhance renewable capacity on the grid, addressing businesses’ needs for long-term price stability and a pathway to decarbonization. Furthermore, the project is permitted for a battery energy storage system, with Discovery Green contemplating hybrid and flexible generation solutions to optimize renewable electricity utilization.
NOA Group CEO Karel Cornelissen described the Notsi venture as a pivotal achievement in aggregating renewable energy from various sources, aiming to considerably enhance South Africa’s renewable energy landscape.
