Kalahari Grid Energy — Implementation Roadmap
The phased implementation roadmap, the bid-window and financial-close milestones and the build-out to 5 GW by 2032 underpinning Kalahari Grid.
Section 9 · Business Plan
Implementation Roadmap
The phased implementation roadmap, the bid-window and financial-close milestones and the build-out to 5 GW by 2032 underpinning Kalahari Grid.
The programme runs over roughly eight years (2026–2034), phased
around grid access and financial close rather than a fixed calendar.
Critical-path items are grid applications and connection agreements
(which gate everything), Phase 1 financial close, and the 24-month
EPC-to-COD cycle for each tranche. Regional (SADC) expansion and the
infrastructure-fund exit sit in the later years.
9.1 Phase milestones and dependencies
| Milestone | Target | Depends on | Gate |
|---|---|---|---|
| Platform & development team | 2026 | Sponsor capital; key hires | Holdco ready |
| Grid applications & CELs | 2026–2028 | NTCSA process; site control | Connection capacity |
| Phase 1 financial close (1.5 GW) | 2027–2028 | Grid; PPAs; equity + debt committed | First close |
| Phase 1 COD (first revenue) | 2029–2030 | 24-month EPC; grid connection | Operating revenue |
| Phase 2 financial close (2.0 GW) | 2029–2030 | Phase 1 delivery; grid corridors | Scale gate |
| Phase 2 COD | 2031–2032 | EPC delivery | Revenue ramp |
| Phase 3 (regional, 1.5 GW) | 2030–2032 | SADC frameworks; regional grid | Regional entry |
| Full 5 GW operational | 2033 | All tranches at COD | Steady state |
| Refinance / infra-fund exit | 2033–2034 | Operating track record | Exit optionality |
9.2 Programme governance and close discipline
Execution risk concentrates in grid access and financial-close
velocity. The Company runs the programme under formal governance: a
board investment committee approving each SPV at financial close;
milestone-based equity and debt drawdowns against grid, PPA and
construction certification; and a hard rule that no tranche advances to
construction without a signed PPA and connection agreement in hand.
- Grid before capital. No equity is committed to a
project without secured connection capacity — the discipline that
prevents stranded assets in a grid-constrained market. - Offtake before scale. Premium corporate PPAs are
originated in parallel with REIPPPP bids to lift the blended tariff
toward the bankable threshold before large equity is deployed. - Ring-fence the risk. Each SPV carries its own
non-recourse debt and completion support, protecting the holdco and
other projects from any single project’s difficulties.
9.3 Detailed workstream plan (Phase 1)
Phase 1 (1.5 GW) is the proof point that de-risks the platform. The
workstream plan below sequences the actions that must complete before
first financial close and first commercial operation.
| Workstream | Key actions | Owner | Timing |
|---|---|---|---|
| Grid | CELs, budget quotes, connection agreements for Phase 1 sites | Grid manager | 2026–2027 |
| Land | Options and leases over grid-adjacent sites | Development | 2026–2027 |
| Permitting | Environmental authorisation, water use, land use | Legal/env | 2026–2028 |
| Offtake | REIPPPP bids (BW8+) and 2–3 anchor corporate PPAs | Development | 2026–2028 |
| Financing | Debt term sheets, equity commitments, DSRA | Project finance | 2027–2028 |
| EPC | Tender and award fixed-price turnkey contracts | Engineering | 2027–2028 |
| Construction | Build 1.5 GW to COD within 24 months | Engineering | 2028–2030 |
| Operations | O&M mobilisation, SCADA, PPA billing | Asset mgmt | 2029–2030 |
Successful Phase 1 delivery establishes the operating track record,
grid relationships and financing precedent that make Phases 2 and 3
materially lower-risk — the compounding advantage of the scale-first,
grid-corridor model.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Kalahari Grid Energy (Pty) Ltd.