Etana Energy, a South African renewable energy trading company led by clean energy executive Evan Rice, has signed a long-term agreement to purchase all the electricity generated by two major wind farms being developed in the Western Cape. The 20-year power purchase agreement secures Etana’s access to the full output of the projects for the first two decades of their operation, marking a significant expansion of its renewable energy portfolio.
The deal covers the Zen and Bergrivier wind farms, developed by Spanish renewable energy firm ACCIONA Energía. Together, the projects will have a combined installed capacity of about 190 megawatts and are located between the towns of Gouda and Saron in the Western Cape. Once fully operational, the wind farms are expected to generate approximately 580 gigawatt-hours of clean electricity each year.
Power produced from the two sites will be supplied to Etana’s growing base of large corporate and industrial customers. These include major property, mining and manufacturing groups such as Growthpoint, the V&A Waterfront, Tharisa Minerals, Petra Diamonds and Autocast, all of which are seeking stable and cost-effective alternatives to South Africa’s constrained national grid.
Under the ownership structure, ACCIONA Energía will retain a 51 percent stake in the wind farms, while the remaining 49 percent will be held by a joint venture between H2 Capital and Chariot Ltd. Financial close for the projects was reached on December 12, 2025, paving the way for construction to begin in the coming weeks. The wind farms are scheduled to be commissioned by mid-2027.
Beyond boosting electricity supply, the projects are expected to deliver significant environmental benefits. Once online, the wind farms are projected to cut carbon dioxide emissions by about 600,000 tons per year. This reduction is roughly equivalent to removing more than 225,000 petrol and diesel vehicles from South Africa’s roads annually, according to project estimates.
Commenting on the agreement, Etana Energy chief executive Evan Rice said the projects form a key part of the company’s mission to help businesses meet a substantial portion of their electricity needs through clean and reliable power. He noted that the latest deal lifts Etana’s total portfolio of wind and solar projects under construction to around 300 megawatts, in addition to its operational Boston Hydro facility. All of this output, he added, is already fully contracted to customers.
Rice said demand from South African companies for alternative power solutions continues to rise, driven by the need for reliability and cost certainty amid ongoing challenges on the national grid. He added that several of Etana’s upcoming wind and solar projects are already allocated to customers, with the company focused on advancing them into construction over the next few months.
Etana Energy operates as a licensed electricity trader, supplying renewable power to customers across major metropolitan areas including Johannesburg, Cape Town and Nelson Mandela Bay. Its business model combines wind, solar and battery storage projects, with assets spanning operational facilities, projects under construction and sites at advanced development stages.
Rice brings nearly 20 years of experience in energy and clean technology across Africa, the Middle East and Europe. Before founding Etana, he held roles at Tesla, GreenCape and McKinsey & Co. Under his leadership, Etana has grown from a concept-stage venture into an operational business serving more than 20 large industrial and commercial customers.
The company is backed by a group of prominent development and commercial financiers, including Norfund and Standard Bank, with additional support from GuarantCo and British International Investment. To date, Etana has secured about R2.8 billion (roughly $166.7 million) in payment guarantee facilities, giving it the financial capacity to roll out up to 700 megawatts of renewable energy projects in the near term as corporate demand for clean power continues to accelerate.
