Transaction Summary
Etana Energy (Pty) Limited (Etana), a South African electricity trading platform, has secured a $75 million investment from Norfund AS (Norfund) and Standard Bank Group Limited (Standard Bank), split into $20 million in equity and $55 million in debt. Etana acts as an energy aggregator, linking renewable power generation projects with commercial and industrial users by wheeling electricity across South Africa’s national grid using power purchase agreements. The investment will support Etana’s growth and working capital needs, helping the company participate in the 75MW Du Plessis Dam solar project, scheduled for construction in April 2025. Notably, this deal marks one of the first utility-scale projects in South Africa where a trader serves as the off-taker. The $55 million debt financing was provided as a payment guarantee facility by Standard Bank, while the $20 million equity financing was provided through preference shares, giving Norfund and Standard Bank effective economic interest of
