Executive Summary

Here at Moloi Energy Holdings we aim to build utility-scale solar farms to combat South Africa's worsening electricity issues. Raising R150–300M in private equity to fund development of a 650 MW solar PV platform in Upington, Northern Cape, through to financial close — covering grid connection, land, environmental approval, engineering and EPC pricing. Minimum ticket R20–30M, maximum R100–150M. For the moment, I am the only team member of Moloi Energy Holdings. This is a startup, and, full transparency i alone make up the executive team Moloi Energy Holdings is an early-stage independent power producer developing a 650 MW utility-scale solar PV platform in Upington, Northern Cape, South Africa. The company is pre-revenue at the holding-company level, consistent with its current development stage: no construction, offtake, or grid connection has yet been secured, and this raise is specifically intended to fund the pre-financial-close development programme required to reach that point. The investment case rests on the underlying project economics rather than current company financials. Based on current South African utility-scale solar cost benchmarks (USD 0.8–1.2M per MW), the full 650 MW platform represents a CapEx of approximately R8.6–12.9 billion. The company is pursuing a phased build strategy — an initial ~100–150 MW tranche sized to realistic near-term grid allocation, funded through project debt (typically 70–75% of CapEx) once a bankable PPA (via REIPPPP/BESIPPPP and/or private wheeling agreements) and Eskom grid connection are secured. This development-capital raise (R150–300M) funds the path to that point: grid connection studies and application, land control, environmental authorisation, preliminary engineering, EPC pricing, and the legal/financial advisory work required to build a lender-ready data room. Investors in this round are effectively investing in the de-risking of the project ahead of financial close, where the return profile shifts from development risk to the more typical infrastructure-equity profile once contracted revenue is in place. South Africa's electricity sector has undergone a structural shift since 2021, when the licensing threshold for private generation was removed. Businesses and households have responded with sustained investment in private renewables, permanently reducing demand on Eskom and contributing to a sharp decline in load-shedding — the country went 95 consecutive days without power cuts in mid-2025, a marked improvement from the record load-shedding levels of 2023. Despite this improvement, structural supply constraints remain. Eskom's coal fleet, responsible for roughly 85% of generation, continues to underperform historical output levels, and electricity demand still exceeds reliable supply outside of private-sector contributions and costly emergency measures such as gas turbines and imports. The national transmission operator's own 2024 renewable energy grid survey recorded a project pipeline of around 9 GW seeking connection, projected to grow to over 30 GW by 2027 — reflecting strong market appetite for new utility-scale renewable capacity, constrained primarily by grid connection availability rather than demand. The Northern Cape, where this project is located, is one of South Africa's premier solar resource regions and forms part of an established Renewable Energy Development Zone, already host to several operating utility-scale solar plants. Offtake demand is supported both by the state-run REIPPPP/BESIPPPP procurement programmes, which have a proven track record of reaching financial close, and by a growing private wheeling market, as corporates and industrial users increasingly contract directly with generators rather than relying solely on Eskom supply. The binding constraint on new entrants is grid connection capacity, allocated by Eskom on a "first-ready, first-served" basis. This favours developers who can demonstrate genuine project readiness — land control, environmental progress, technical planning and financial backing — over those simply queuing for allocation, which is the basis of this project's phased development approach.