Media Release: Red Rocket Reaches Financial Close for South Africa’s Largest Wind Farm
CAPE TOWN, 13 March 2025 – Red Rocket, a leading renewable energy independent power producer, has reached financial close on the first phase of the Overberg Wind Farm, marking a major milestone in South Africa’s clean energy transition.
Adding to Red Rocket’s impressive portfolio of wind farms, Overberg Wind Farm will be the latest in a series of groundbreaking renewable energy projects, reinforcing Red Rocket’s position as a leader in the country’s renewable energy sector.
Overberg Wind Farm will be developed in two phases, with Richards Bay Minerals (RBM), a subsidiary of Rio Tinto Group, securing the first 230MW of the total 380MW export capacity. This will deliver an estimated 750GWh of clean energy annually to RBM, significantly reducing its carbon footprint and reinforcing its commitment to sustainability.
Once fully operational, Overberg Wind Farm will be South Africa’s largest privately developed single wind farm, significantly contributing to the country’s energy security. The project is expected to cut RBM’s annual greenhouse gas (GHG) emissions by approximately 30%, equivalent to 0.7 million tonnes of CO₂e.
Located near Swellendam in the Western Cape, Overberg Wind Farm will operate under a 20-year Power Purchase Agreement (PPA), further demonstrating Red Rocket’s commitment to delivering high-impact renewable energy solutions at scale.
Matteo Brambilla, CEO of Red Rocket, welcomed the partnership with Rio Tinto, stating: “We are proud to collaborate with Richards Bay Minerals on this landmark project. Overberg Wind Farm is a testament to what is possible when ambitious renewable energy targets meet the expertise and drive to bring them to life. As South Africa’s largest privately developed single wind farm, this project highlights the immense potential of private-sector-led renewable energy development to reshape the country’s energy landscape.”
“This collaboration with Red Rocket on the Overberg Wind Farm aligns with our long-term sustainability goals and demonstrates our commitment to reducing our carbon footprint. As a major consumer of electricity in our region, we are committed to reducing our reliance on coal fired power while making a tangible contribution to the country’s efforts to support the energy transition. This is our largest PPA to date, and we are excited to be a part of this groundbreaking project and look forward to the positive impact it will have on the environment and the community,” says RBM Managing Director, Werner Duvenhage.
Overberg Wind Farm will feature 39 Goldwind 6.2MW turbines, delivering a total installed capacity of 242MW.
The project has been financed through a club deal involving Absa Bank acting through its Corporate and Investment Banking division, Standard Bank acting through its Corporate and Investment Banking division and Development Bank of Southern Africa.
With commercial operations expected to commence in early 2027, Overberg Wind Farm is more than just another renewable energy project – it is a symbol of South Africa’s transition to a cleaner, more resilient energy future. Through innovation, collaboration, and bold ambition, Red Rocket continues to lead the way in powering a sustainable tomorrow.
For more information on Red Rocket, visit: www.redrocket.energy.
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About Red Rocket
Since its establishment in 2012 with its headquarters in Cape Town, Red Rocket Group has emerged as one of the most pioneering Independent Power Producers (IPPs) in Africa. Red Rocket’s growth strategy is centred on the pursuit of a diversified portfolio of renewable assets, encompassing a wide range of geographical locations, market stages, and currency exposures (ZAR, USD, EUR). In terms of technology, Red Rocket is actively engaged in and committed to wind, solar, and hydropower solutions both presently and in the future.
About Standard Bank Group
Standard Bank Group is the largest African bank by assets, operating in 20 African countries and 5 global financial centres. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, with share code SNB.
About Development Bank of Southern Africa
The Development Bank of Southern Africa (DBSA) is a development finance institution wholly owned by the Government of South Africa. The bank intends to “accelerate sustainable socio-economic development in the Southern African Development Community (SADC) by driving financial and non-financial investments in the social and economic infrastructure sector”.
About Goldwind
In just over a decade, Goldwind has become a big five global wind turbine manufacturer with operations in Asia, Australia, Europe, the Americas – and now Africa. As the leader in Permanent Magnet Direct-Drive turbine technology, Goldwind is a full-service provider that delivers wind energy solutions with lower costs, less downtime, and better grid connectivity for proven increased efficiency.
