A consortium led by Acciona Energía, the renewable energy arm of Spanish infrastructure group Acciona, headquartered in Madrid, and one of the world’s leading renewable energy companies, has reached financial close on two onshore wind projects in South Africa totalling 194 MW: the 100 MW Zen Wind Farm and the 94 MW Bergriver Wind Farm. Located between Gouda and Saron in the Western Cape, the projects mark another milestone in the country’s rapidly evolving private power market. ⚡🌍🏗️
Project Overview and Timeline 🏗️🌬️📅
Following financial close on 12 December 2025, construction is expected to commence in the coming weeks, with commissioning targeted for mid-2027. Once operational, the two wind farms are expected to generate approximately 580 GWh per year of renewable electricity.
Nordex, the German wind turbine manufacturer, will supply the wind turbines and assume responsibility for operations and maintenance post-completion, while Acciona Energía will oversee engineering, procurement and construction (EPC). 🌱⚙️🔧
Corporate Offtake via Etana Energy ⚡🤝🏢
All electricity generated by the Zen and Bergriver projects will be sold under a 20-year power purchase agreement to Etana Energy, one of South Africa’s leading electricity trading platforms. Etana will supply a diversified portfolio of commercial and industrial customers, including:
- Growthpoint
- V&A Waterfront (one of South Africa’s largest mixed-use commercial precincts in Cape Town, encompassing retail, offices, hospitality and tourism infrastructure)
- Tharisa Minerals
- Petra Diamonds
- Autocast
This structure reflects the growing role of energy traders in aggregating demand and enabling long-term corporate offtake outside the traditional utility framework. 📈🔌🌍
Ownership Structure and Sponsorship 🏦🤝🌬️
The projects are owned by:
- Acciona Energía – 51%
- H1 Capital / Chariot Limited joint venture – 49% (local and international investment partners focused on renewable energy development and energy transition assets)
The participation of both international and local sponsors underscores continued investor confidence in South Africa’s liberalised power market and its long-term wind resource fundamentals. 🌍📊🇿🇦
Financial Modelling Perspective: Merchant-to-Corporate Wind Projects 📊🧮⚡
From a financial modelling standpoint, the Zen and Bergriver wind farms illustrate several key trends in South African renewables:
- Long-term corporate PPAs replacing utility-backed contracts
- Revenue aggregation through an energy trader rather than bilateral offtake
- Wind yield modelling critical to DSCR and equity IRR stability
- Increased importance of counterparty diversification on the offtake side
Such structures typically require robust downside scenarios on curtailment, price renegotiation, and grid availability—particularly in high-penetration regions like the Western Cape. 📉📘⚙️
System Impact and Decarbonisation Benefits 🌍🌱🚗
The two wind farms are expected to displace approximately 600,000 tonnes of CO₂ per year, equivalent to removing more than 225,000 internal combustion vehicles from the road annually. This contributes meaningfully to South Africa’s decarbonisation objectives while improving power supply reliability for private-sector users.
Conclusion: Private Power Momentum in South Africa 🚀🌬️🇿🇦
The financial close of the Zen and Bergriver wind projects highlights the continued momentum of private, market-driven renewable energy development in South Africa. With diversified corporate offtakers, experienced sponsors, and established OEMs, the projects reinforce the country’s position as one of Africa’s most mature and bankable wind markets. 📈⚡🌍
Finteam 