Solar Capital
Solar Capital (Pty) Ltd is a South African utility-scale solar PV developer and operator that builds, owns, and operates 10MW–200MW photovoltaic plants selling electricity to Eskom under long-term REIPPP power purchase agreements, with a 175MW flagship at De Aar.
- Company typePrivate
- Founded2002
- HeadquartersCape Town, South Africa
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Solar Capital does
Solar Capital (Pty) Ltd is a South African utility-scale solar photovoltaic developer and operator headquartered in Cape Town, operating as the South African subsidiary of the Ireland-founded Phelan Energy Group (also referred to as Phelan Green Energy). The company develops, owns, and operates grid-connected solar PV power plants in the 10MW–200MW range, with its flagship De Aar facility in the Northern Cape — 175MW across 503,942 modules on 473 hectares, built in two phases (85.26MW in 2014 and 90MW in 2016) for a total investment of R4.8 billion — representing the largest solar farm in sub-Saharan Africa. A complementary service line, Solar Capital Management Services (MSC), provides project, operations, engineering, and quality management (including 6 Sigma standards) for renewable energy facilities across their lifecycle.
The company's commercial model centers on long-term (typically 20-year) fixed-tariff Power Purchase Agreements with Eskom, South Africa's national electricity utility, awarded through competitive bidding rounds under the REIPPP (Renewable Energy Independent Power Producer Procurement) Programme. Tariffs have declined from R3.94/kWh in 2010 to under R0.70/kWh by 2016, reflecting the company's cost-leadership trajectory. Solar Capital maintains a permitted pipeline of more than 25 bid-ready sites exceeding 2.5GW, with additional operational capacity from the Loeriesfontein facility (86MW commissioned in December 2023 as part of Bid Round 4). Go-to-market is exclusively B2G, with distribution and pricing determined through the REIPPP bid rounds managed by the Department of Energy.
Beyond solar generation, the parent group is positioning into adjacent energy vectors: the R47 billion (US$2.5 billion) Phelan eFuels sustainable aviation fuel project in Saldanha Bay (targeting 140,000 tonnes annually), a first-phase green ammonia target of 2.5 million tons per year, and international expansion evidenced by a 50MWac India contract won at approximately 4 US cents/kWh. Core customer is Eskom (sole off-taker in South Africa); end electricity consumption is described as powering approximately 75,000 South African homes annually, with peak construction headcount exceeding 2,000 (over 90% from local previously disadvantaged backgrounds) and ~100 ongoing operations and maintenance staff.
Solar Capital firmographics
Firmographics- Name
- Solar Capital
- Legal name
- Solar Capital (Pty) Ltd
- Website
- https://solarcapital.co.za
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Solar Capital (Pty) Ltd is a South African utility-scale solar PV developer and operator that builds, owns, and operates 10MW–200MW photovoltaic plants selling electricity to Eskom under long-term REIPPP power purchase agreements, with a 175MW flagship at De Aar.
- Ownership category
- akta.pro rank
Solar Capital industry classification
Industry- Product category
- Utility-Scale Solar Power Generation
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)
- akta.pro secondary industry
- CSP Plant Development & EPC (Parabolic Trough, Tower, Linear Fresnel, Dish) (EUACAGAE)
Keywords
Where Solar Capital is headquartered
LocationHeadquarters
- HQ city
- Cape Town
- HQ country
- South Africa
- HQ region
- Africa
Offices3 records
Markets served
Solar Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Electricity Generation and Sales: Solar Capital develops, owns, and operates large-scale solar PV farms, generating electricity that is sold to Eskom (South Africa's national electricity utility) through long-term Power Purchase Agreements (PPAs). Revenue is generated from the sale of renewable electricity to the national grid under fixed-tariff contracts typically spanning 20 years.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Power Purchase Agreement pricing through REIPPP Programme |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Solar Capital product offering
Product offeringCore offering
Solar Capital (Pty) Ltd develops, owns, and operates utility-scale solar photovoltaic (PV) power plants in the 10MW–200MW range, generating renewable electricity that is sold to Eskom (South Africa's national electricity utility) through long-term Power Purchase Agreements (PPAs) typically spanning 20 years. The company also provides specialized management services (MSC) for renewable energy project lifecycle management. Its flagship De Aar facility (175MW) is the largest solar farm in the Southern Hemisphere.
Product overview
Solar Capital operates as a solar energy development company offering two interconnected products: (1) Large-scale Solar PV Projects — utility-scale photovoltaic power plants (10MW–200MW) that generate renewable electricity for national grids, including flagship facilities in De Aar (175MW) and Loeriesfontein (86MW); and (2) Solar Capital Management Services (MSC) — operational and project management services for renewable energy facilities encompassing cost, time, quality, risk, and procurement management, along with engineering and quality assurance using 6 Sigma standards.
Differentiator
Problem solved
Functional benefit
Products and services
- Large-Scale Solar PV Projects
- Solar Capital Management Services (MSC)
Companies that use Solar Capital
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles1 record
Solar Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Solar Capital partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core, key talent and parent company.
- Johnson MattheycoreTechnology licensing agreement for HyCOgen and FT CANS technologies for sustainable aviation fuel production from green hydrogen and captured CO2. This partnership is for the R47 billion Phelan eFuels project in Saldanha Bay, South Africa.
- HoneywellcoreTechnology licensing agreement for Fischer Tropsch Unicracking process for sustainable aviation fuel production. This is part of the 200MW electro sustainable aviation fuel project.
- Garrith Bezuidenhoudt (Individual)key talentFormer DMRE Chief of Staff joining as Global Head of Hydrogen to drive Phelan Energy Group's move into green ammonia production. Has 14+ years experience at DMRE and board positions at Central Energy Fund, International Energy Forum, and African Petroleum Producers Organisation.
- Phelan Energy Groupparent companyParent company and international partner for Solar Capital. Phelan Energy Group is the world leader in development of affordable Solar PV solutions, winning contracts internationally including a 50MW project in India at record-low tariffs.
Scale indicators12 records
Recent moves6 records
Expansion highlights5 records
Solar Capital competitors and assessment
Company assessmentBroad incumbents
- Enel Green Power: Global utility-scale renewable IPP with a wide Africa portfolio (including South Africa). Larger and more diversified than Solar Capital, but competes in the same REIPPP bid rounds and operates similar PV technology at scale.
- Acciona Energía: Global utility-scale solar and wind developer with operations in Southern Africa and participation in South African bid rounds; comparable as a larger, diversified renewable IPP that competes in the same geographies.
- EDF Renewables: Global renewable IPP with utility-scale solar projects across Africa, including South Africa. A broad incumbent competing for REIPPP capacity and overlapping on customer (Eskom) and technology (utility-scale PV).
- ENGIE Africa: Major global utility with renewable generation assets across Africa, including South African REIPPP projects. A broad incumbent whose solar IPP activity overlaps directly with Solar Capital's primary offering.
Direct peers
- juwi Renewable Energies: German-headquartered utility-scale solar PV EPC and developer with a South African presence through REIPPP-winning projects, comparable as a competitor in solar EPC and project development serving the same Eskom PPA market.
- Scatec ASA: Norway-listed renewable IPP with an operating presence in South Africa via REIPPP and a global utility-scale solar development pipeline, making it a directly comparable scale-solar developer competing for similar PPA structures.
- Sola Group (formerly South African Wind & Solar / Red Rocket): South African utility-scale solar and wind developer with REIPPP-won projects selling electricity to Eskom, directly comparable to Solar Capital on market, customer, and product.
- Mainstream Renewable Power: Global wind and solar developer with a significant REIPPP portfolio in South Africa; comparable as a utility-scale renewable IPP competing for Eskom PPAs and operating in the same bid rounds.
- Mulilo Renewable Energy: South African independent power producer focused on utility-scale solar PV and wind projects that won capacity under the REIPPPP programme, comparable to Solar Capital's De Aar and Loeriesfontein assets and competing for the same Eskom PPAs.
- BioTherm Energy: South African renewable energy IPP with multiple REIPPP-won solar PV facilities selling electricity to Eskom under 20-year PPAs, directly comparable to Solar Capital on geography, customer, and technology.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Solar Capital social profiles
Digital presenceSolar Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Solar Capital leadership team
Management profileNumber of profiles
Profiles4 records
Solar Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Solar Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Solar Capital
What does Solar Capital do?
Solar Capital (Pty) Ltd develops, owns, and operates utility-scale solar photovoltaic (PV) power plants in the 10MW–200MW range, generating renewable electricity that is sold to Eskom (South Africa's national electricity utility) through long-term Power Purchase Agreements (PPAs) typically spanning 20 years. The company also provides specialized management services (MSC) for renewable energy project lifecycle management. Its flagship De Aar facility (175MW) is the largest solar farm in the Southern Hemisphere.
Is Solar Capital a public or private company?
Solar Capital is a private company. It is classified as corporate owned and is currently operating.
When was Solar Capital founded?
Solar Capital was founded in 2002. It employs 11 to 50 people.
Where is Solar Capital based?
Solar Capital is headquartered in Cape Town, South Africa, in the Africa region.
How does Solar Capital make money?
One revenue line is on record: electricity Generation and Sales.
Who are Solar Capital's main competitors?
Broad incumbents on record are Enel Green Power, Acciona Energía, EDF Renewables and ENGIE Africa. Direct peers are juwi Renewable Energies, Scatec ASA, Sola Group (formerly South African Wind & Solar / Red Rocket), Mainstream Renewable Power, Mulilo Renewable Energy and BioTherm Energy.
Does Solar Capital have an API?
No public API is recorded for Solar Capital.
What industry is Solar Capital in?
Solar Capital's product category is Utility-Scale Solar Power Generation. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System), with a secondary code of EUACAGAE, CSP Plant Development & EPC (Parabolic Trough, Tower, Linear Fresnel, Dish). Its NAICS code is 221114 and its SIC code is 4911.