This is the first of a series of articles highlighting our stellar teams and showcasing how they make up the Force of Nature that we are.
The Mothership has been abuzz with emotion and high activity since we celebrated the monumental achievement of the first phase of our Overberg Wind Farm successfully reaching financial close.
The first phase of the project, developed in collaboration with Richards Bay Minerals (RBM), a subsidiary of Rio Tinto Group, boasts a nameplate capacity of 242MW. Located near Swellendam in the Western Cape, Overberg Wind Farm will operate under a 20-year Power Purchase Agreement (PPA). It will cut RBM’s annual greenhouse gas (GHG) emissions by approximately 30%, equivalent to 0.7 million tonnes of CO₂e. Once complete, this will be the largest privately developed single wind farm in South Africa.
As our slice of the Cape Town Cruise Terminal erupted in cheers and applause, few were prouder than our Transactions team that led the project to victory. The dedication by the team, made up of Davide Pasi (Business Development Director), Pamela Papapetrou (Head of Transactions), Seema Lalloo (Transactions Manager), Courtney Botha (Senior Transactor), Hlonepho Ramosoeu (Transactor), Michelle Hamman (Senior Transactor), and Katleho Ntahale (Transactor), called for a victory tour.
At Red Rocket, our Transactions team is tasked with ensuring that projects awarded under competitive tenders reach financial close within the stipulated timelines. Sharp as ever, they act as project managers, galvanising other key teams to bring our ambitious projects over the line. This Avenger-level touch explains why they are “always closing”.
Moments leading up to this achievement were marked by high energy and anticipation, with the team giving it their all while collaborating with other key teams to clear the path for this groundbreaking project.
We caught up with the team to learn of what transpired behind the scenes, leading up to this big milestone for Red Rocket.
Davide Pasi
“When an entire organisation joins forces to move over and beyond the ‘berg’, this is when great things happen. I’m extremely proud of the Red Rocket Force of Nature team for the massive effort to push FE Overberg across the financial close line.”
Pamela Papapetrou
“This significant milestone for Red Rocket and its partners has proven a positive step in the direction of increasing private sector participation in the generation of electricity in South Africa. We are proud of the progress that we, as an organisation, have made towards the ultimate goals of decarbonising the country’s power supply and alleviating our national energy crisis. We look forward to continuing to innovate, collaborate, and close many more flagship projects that will revolutionise South Africa’s energy market far into the future.”
Seema Lalloo
“I am proud to have had the opportunity to be part of the team that successfully brought this landmark project to financial close. Not only is this the largest wind farm to be financed in South Africa’s market to date, but it also marks Red Rocket’s first multi-offtake project. Achieving this milestone is a testament to the talent and dedication of everyone involved! I am especially grateful for the support from the Transactions team who truly demonstrated the meaning of collaborative problem-solving and teamwork as we supported each other through the many late nights and challenges along the road to financial close!”
Courtney Botha
“It feels incredible to have contributed towards this milestone of achieving financial close for Red Rocket’s largest wind farm to date. This accomplishment wouldn’t have been possible without the exceptional effort and tenacity demonstrated by everyone involved at Red Rocket. The strong collaboration and support, especially in the weeks before close, were certainly what got us there!”
Hlonepho Ramosoeu
“When you accomplish something that took a lot of effort and energy, it is a priceless feeling. But with all the amazing work that we continue to do, I am already looking forward to the next project to close.”
Michelle Hamman
“It was a tough one with a lot of challenges, one around each corner. I cannot remember when I worked with such a dedicated, hard-working team. You all made the work feel much easier. I feel overjoyed that we managed to close this project I can’t wait to see what we can do next!”
Katleho Ntahale
“Working on this project mostly felt like pursuing a moving target – often taking one step forward and two steps back. Reaching financial close would not have been possible if not for the collective effort of everyone involved. Personally, it was a great opportunity to learn more about project finance in the renewable energy sector, and I’m incredibly proud of my contribution!”
