7.1 MW Coega Steels Solar Plant Financed

Fedgroup has closed financing for the 7.1 MW Coega Steels Solar Plant, providing USD 2.8 million (ZAR 51.8 million) to cover 75% of the installation.

The deal is structured as an Instalment Sale Agreement, with Coega Steels supplying a 25% equity deposit of approximately USD 0.95 million (ZAR 17.3 million), bringing the total project value to roughly USD 3.7 million (ZAR 69.1 million).

Emergent Energy is delivering the installation, which combines rooftop and ground mounted arrays across the Coega Steels site in the Coega IDZ. The Solar Plant totals 7.1 MW made up of a 2.5 MW new building array, a 1.4 MW existing building array and a 3.2 MW ground mounted component, using 11,420 panels and expected to generate about 9.3 GWh in its first year.

First-year electricity savings are estimated at roughly USD 1.0 million (ZAR 19.2 million). Coega Steels plans to add a further 19.8 MW of solar capacity by the end of 2027, and Fedgroup says it intends to support that expansion through direct funding of additional income-generating energy infrastructure.

For a manufacturer operating 24 hours a day, the installation is intended to lower energy costs and cut reliance on grid supply while supporting the companys move toward greener steel production; the system scale has been matched to heavy industrial demand.