Evan Rice’s Etana Energy secures 20-year wind power deal

Etana Energy, a renewable energy trader led by South African energy executive Evan Rice, has struck a long-term deal to buy all the renewable electricity produced by two new wind farms being developed by ACCIONA Energía in South Africa’s Western Cape, securing the output for the first 20 years of the projects’ operation.

The agreement covers the Zen and Bergrivier wind farms, which together will export about 190 megawatts of power. Located between Gouda and Saron, the projects are expected to generate roughly 580 gigawatt-hours of electricity a year once fully operational. The power will be supplied to Etana’s growing list of corporate customers, including Growthpoint, the V&A Waterfront, Tharisa Minerals, Petra Diamonds and Autocast.

Wind farms cut 600,000 tons CO₂

ACCIONA Energía will hold a 51 percent stake in the wind farms, with the remaining 49 percent owned by a joint venture between H2 Capital and Chariot Ltd. Financial close was reached on Dec. 12, 2025. Construction is set to begin in the coming weeks, with commissioning planned for mid-2027. Once online, the wind farms are expected to cut carbon dioxide emissions by about 600,000 tons a year. That reduction is comparable to taking more than 225,000 petrol and diesel vehicles off South Africa’s roads, according to project estimates.

“These wind projects are another important part of how we help businesses meet a large share of their electricity needs with clean power,” Evan Rice, Etana’s chief executive, said in a statement. He said the deal lifts Etana’s portfolio to about 300 megawatts of wind and solar projects now under construction, alongside its operating Boston Hydro facility. All of the output is already contracted to customers.

Rice said interest from companies has continued to rise as firms look for reliable alternatives to the national grid. “South African businesses are focused on power that is both affordable and dependable,” he said. “Many of our next wind and solar projects are already spoken for, and our attention is on moving them into construction over the coming months.”

South Africa’s Etana Energy scales up

Etana Energy operates as a licensed electricity trader, supplying renewable power to customers in Johannesburg, Cape Town and Nelson Mandela Bay. The company combines wind, solar and battery storage projects and has several developments at different stages, from operating assets to sites that are ready to break ground.

Evan Rice, who previously worked at Tesla, GreenCape and McKinsey & Co., has close to two decades of experience in energy and clean technology across Africa, the Middle East and Europe. Under his leadership, Etana has grown from an early-stage idea into an operating business serving more than 20 industrial customers.

Backed by investors including Norfund and Standard Bank, and supported by GuarantCo and British International Investment, Etana has secured about R2.8 billion ($166.7 million) in payment guarantee facilities. The funding gives the company capacity to roll out up to 700 megawatts of renewable energy projects in the near term, as demand from South African companies continues to build.