Exxaro Resources Limited, through its wholly owned, subsidiary Cennergi, has entered into binding agreements with Acciona Energía to acquire majority interests in two fully operational renewable energy assets - the 138MW Gouda Wind Farm in the Western Cape and the 75MW Sishen Solar Facility in the Northern Cape, as well as the company responsible for the operations and maintenance (“O&M”) of both assets. The timing linked purchase price will range between R1.7 billion to R1.8 billion.
Both assets are projects that were procured under Bid Window 2 of South Africa’s Energy’s Renewable Energy Independent Power Producer Procurement Programme and sell electricity to Eskom under 20-year take-or-pay Power Purchase Agreements (“PPAs”). The PPAs run until 2034 (Sishen) and 2035 (Gouda).
Gouda and Sishen are held 54.9% by ACCIONA Energía, 25.1% by Celenex (a majority owned subsidiary of Royal Bafokeng Holdings), 10% by Soul City Broad Based Empowerment Company (Pty) Ltd (Soul City) and 10% by local Community Trusts.
The transaction includes Acciona’s 80% stake (with the remaining 20% stake owned by Soul City) in Acciona Energy South Africa O&M (Pty) Ltd, an operations and maintenance company, providing services and parts to both Gouda and Sishen.
This acquisition is set to increase Cennergi’s net operating capacity by 117 MW, from 200 MW to approximately 317 MW, representing a material expansion of its operational base. It accelerates the execution of Exxaro’s Sustainable Growth and Impact Strategy, bringing the company closer to its 2030 goal of 1.6 GW managed net renewable energy capacity.
Ben Magara, CEO of Exxaro, said: “This acquisition is yet another positive development in the continued iteration of our commitment to power possibility through a just and inclusive energy transition. It strengthens Exxaro’s position as a diversified natural resources champion, anchored by a strong coal base, a growing energy solutions business, as well as acquisitive growth in energy transition metals. Exxaro is not only investing in cleaner energy but also securing long-term, stable, and sustainable value for all our stakeholders.”
The acquisition broadens Cennergi’s footprint across South Africa and enhances predictable and stable and de-risked earnings through long-term, inflation-linked PPAs with Eskom, backed by National Treasury.
Leon Groenewald, Executive Head of Energy at Exxaro, said: “This acquisition adds substantial growth to our portfolio of operating assets, enhances geographical diversification, and marks a significant milestone in our strategic journey to scale Cennergi. It brings us closer to achieving our goal of reaching 1.6 GW of capacity by 2030. Acquiring the O&M company allows us to provide asset management and O&M services to two additional utility-scale renewable energy assets, while also bringing in skilled staff, advanced systems, and expertise to further strengthen Cennergi’s position as a leading asset management and O&M provider in South Africa.”
With a further 180 MW net capacity in construction, Cennergi continues to build a resilient and future-focused energy portfolio, demonstrating Exxaro’s commitment to disciplined capital allocation, innovation, and collaboration in shaping a sustainable future.
The transaction closing date will coincide with the transfer of ownership of the sale equity to Cennergi which is expected to occur in the first half of 2026, subject to customary approvals for transactions of this nature.