Deal factsCountry: South Africa · Technology: Solar · Stage: Financing · Size: 49 MWp · Parties: Yellow Door Energy, Nedbank CIB, PPC, POWERX
Yellow Door Energy and Nedbank Corporate and Investment Banking have reached financial close on the 49 MWp Lion Thorn Solar Park at Leeudoringstad in South Africa’s North West province. Electricity from the plant is contracted under long-term power purchase agreements to PPC and to POWERX, a private electricity trader licensed by the National Energy Regulator of South Africa (NERSA). Construction is due to start in September 2026, with commissioning expected in 2028.
Lion Thorn is expected to generate approximately 115 GWh of renewable electricity in its first year of operation and to avoid an estimated 104,190 tonnes of carbon emissions annually. Nedbank CIB is the sole financier named on the transaction. Yellow Door Energy, as the independent power producer, is responsible for developing, financing, building and operating the site over the life of the contracts.
The offtake structure is what makes the deal notable. Rather than selling only to a single corporate customer, the project pairs a direct PPA with PPC and a contract with a licensed trader, which buys wholesale and resells the electricity across the national grid. That reflects how quickly South Africa’s private market has grown: in 2025, NERSA-registered private generation projects represented an estimated R158 billion of investment and 7,464 MW of capacity. Hlatse Nkune, principal of power and renewables finance at Nedbank CIB, said the evolving electricity market is creating new opportunities for developers, power traders and corporate customers alike.
John Taylor, managing director of Yellow Door Energy South Africa, said reaching financial close demonstrates the company’s ability to develop bankable, large-scale renewable projects in the country. The financing lands as NERSA consults on revised draft rules for electricity trading, with the comment deadline extended from 28 August to 28 September 2026, a process intended to support bilateral trading and a more competitive retail market.
Why does this matter?
Lion Thorn shows that a major South African bank will lend against a blend of a corporate PPA and a licensed trader offtake, widening the financing routes available for wheeled private generation. For module, tracker, transformer and grid connection suppliers, it also means a 49 MWp construction programme starting this month.
What happens next?
Construction begins in September 2026 with commissioning targeted for 2028. Watch for EPC and equipment awards on the project, and for further trader-backed solar parks as NERSA finalises its electricity trading rules after the 28 September comment deadline.
Sources: SolarQuarter: Yellow Door Energy, Nedbank CIB Reach Financial Close on 49 MWp Lion Thorn Solar Park in South Africa; Energy Global: Yellow Door Energy and Nedbank CIB achieve financial close on South African solar park; SolarQuarter: Africa Weekly: NERSA Advances Electricity Trading Reforms, Odyssey Raises $74M, Sinoma Adds 36 MWp Solar, Africa Eyes 17 GW Solar, CrossBoundary Launches Solar-BESS and More
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