GLOBELEQ'S RED SANDS PROJECT AWARDED PREFERRED BIDDER STATUS IN 153 MW/ 612 MWh BATTERY ENERGY STORAGE SYSTEM TENDER IN SOUTH AFRICA

LONDON and CAPE TOWN, South Africa, April 5, 2024 /PRNewswire/ -- Globeleq, the leading independent power company in Africa is pleased to announce that its 153 MW / 612 MWh Red Sands project in the Northern Cape has been awarded Preferred Bidder status in South Africa's Energy Storage Capacity Independent Power Producer Procurement Programme (ESIPPPP).

The Red Sands project is located in the Northern Cape, about 100km southeast of Upington, and will be the largest standalone battery energy storage system in Africa. The project was originally developed by African Green Ventures (AGV), the South African development arm of Magnora ASA, a Norwegian company listed on the Oslo Stock Exchange. The project will take up approximately 5 hectares (12 acres) and will connect to the grid through the Eskom Garona substation. The substation will be upgraded by the Red Sands project to ensure that full network support capabilities of the project's batteries can be utilized.

Working closely with leading global battery and balance-of-plant suppliers, Globeleq estimates that the project will cost approximately US$300 million (ZAR5.7 billion) and will take 24 months to construct after financial close which is expected later this year.

Red Sands will be Globeleq's first largescale Battery Energy Storage Solutions (BESS) project in South Africa where the Group also owns and operates eight renewable plants (six solar PV, two wind) with a total generating capacity of 384 MW. Globeleq also owns a combined solar and BESS plant at Cuamba in Mozambique and is developing other BESS projects across the African continent.

Mike Scholey, Globeleq's CEO, commented:
"I am delighted that we have received Preferred Bidder status for this very important project: the biggest standalone Battery Energy Storage System project in Africa. We look forward to working with the Government to take Red Sands to financial close and into operations. Electricity storage is going to be key not only in helping South Africa meet its considerable industrial and domestic demand for energy but also in meeting growing demand right across Africa as more and more renewable energy projects benefit from the advances our industry has made with battery storage technology."

About Globeleq
Globeleq, which is owned 70% by British International Investment and 30% by Norfund, is the leading developer, owner and operator of electricity generation in Africa. Since 2002, its experienced team of professionals have built a diverse portfolio of independent power plants, generating 1,794 MW in 17 locations across seven countries, with a further 485 MW in construction and more than 2,000 MW of power projects in development.
More details at www.globeleq.com.

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