Oasis Mookodi, a 77 MWAC / 308 MWh BESS project, was the first of three projects within the Oasis portfolio to achieve Financial Close on 15th November. The project is located in Vryburg, North-West Province and is part of South Africa’s first Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) which marks an important milestone in the nation's clean energy journey.

The other two projects, Oasis Aggeneis and Oasis Nieuwehoop, reached Financial Close today and construction is scheduled to begin in November 2024.Together these three projects will bring a combined capacity of 257 MW / 1,028 MWh and will be located in both the Northern Cape and North-West provinces. The Oasis projects will operate under a 15-year Power Purchase Agreement with Eskom, South Africa's public utility.

The combined capital cost of the BESS projects stands at approximately ZAR 7 billion. Debt financing has been secured through a consortium of local lenders, including Standard Bank and ABSA, reflecting the strong commitment of leading local financial institutions to advancing renewable energy solutions in South Africa.

This achievement underscores the dedication and expertise of a diverse, multidisciplinary team of over 100 professionals from ten different organizations, all working collaboratively to bring this project to Financial Close within 12 months of achieving preferred bidder status.

Jan Fourie, CEO of Mulilo, remarked: “Reaching Financial Close on all three BESS projects is a landmark achievement for Mulilo and aligns with our strategic commitment to diversification. These BESS initiatives are pivotal for the nation, enhancing grid stability and enabling increased integration of renewable energy sources, such as solar and wind. This flexibility is crucial to achieving an optimized and balanced energy generation mix. We are also proud of the positive impact these projects will have on local communities.”

BESS technology plays a transformative role in South Africa’s energy landscape, improving the grid’s resilience and supporting the nation’s shift toward a sustainable, low-carbon future. Mulilo looks forward to expanding its BESS portfolio and contributing to the country's just energy transition, paving the way for a more reliable and environmentally friendly energy future.