Sable Grid Storage Business Plan — Company Overview & Governance
Private company under the Companies Act 71 of 2008; incorporated 14 March 2025
Company Overview & Governance
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- Overview & contents
- Important Notice & Confidentiality
- Executive Summary
- Company Overview & Governance
- Industry & Market Analysis
- Regulatory & Policy Environment
- Market Sizing & Demand Drivers
- Competitive Landscape & Positioning
- Products, Services & Revenue Model
- Project Sizanani, The Flagship Asset
- Technology & Engineering
- Grid Connection & Transmission Access
- Offtake Strategy & Counterparty Risk
- Construction, EPC & Procurement
- Operations, Maintenance & Asset Management
- Implementation Roadmap
- Financial Plan & Projections
- Funding Requirement & Capital Structure
- Returns, Scenarios & Sensitivity
- Risk Analysis & Independent Findings
- SWOT, PESTLE & Strategic Analysis
- Management Team & Organisation
- Transformation, Localisation & ESG
- Investor Returns, Exit & Conclusion
- Annexure A: Detailed Financial Statements
- Annexure B: Assumptions Book
- Annexure C: Scenario & Sensitivity Detail
- Annexure D: Development Pipeline
- Annexure E: Risk Register
- Annexure F: Glossary & Methodology
2.1 Corporate details
|
Item |
Detail |
|---|---|
|
Legal name |
Sable Grid Storage (Pty) Ltd |
|
Registration number |
2025/482917/07 |
|
Incorporation |
Private company under the Companies Act 71 of 2008; incorporated 14 March 2025 |
|
Registered office |
4th Floor, Ataraxia House, 121 Rivonia Road, Sandton, 2196 |
|
Project vehicle |
Sizanani Storage 1 (RF) (Pty) Ltd, ring-fenced project SPV |
|
Auditors |
Mokoena Fraser Inc. |
|
Bankers |
First National Bank (transactional); DFI-led senior lending group in structuring |
|
B-BBEE status |
Level 1 contributor; 51% Black ownership; 15% community trust; 5% employee trust |
|
Tax & compliance |
SARS compliant; VAT registered; CSD registered |
2.2 Vision, mission and mandate
The vision is to be Southern Africa’s most trusted independent storage power producer, keeping the grid stable while the region’s energy transition accelerates. The mission is to develop, finance, build and operate bankable storage assets that deliver contracted returns to investors, flexibility to the system operator, and durable economic participation to the communities that host them.
The mandate is deliberately narrow, and that narrowness is a strength. Sable pursues standalone and co-located battery storage of 50 MW and larger, in grid-constrained corridors, under contracted revenue structures. It does not develop generation, and it does not take technology risk outside proven lithium iron phosphate chemistry with wrapped performance guarantees. In an asset class where the principal failure modes are scope creep and unallocated technical risk, a disciplined mandate is a governance asset.
2.3 Shareholders
|
Shareholder |
% |
Nature & role |
|---|---|---|
|
Sable Energy Holdings (Pty) Ltd |
40% |
Founder vehicle of the executive team; Black-owned investment holding company contributing development capital and the project pipeline |
|
Mzansi Infrastructure Partners Fund II |
30% |
Independent infrastructure equity fund providing the anchor cheque and board-level investment discipline |
|
Kganya Community Trust |
15% |
Broad-based trust for host communities within 50 km of the project; vendor-financed, repaid from distributions |
|
VoltCore Technologies AG |
10% |
Strategic technology partner (European storage integrator) aligning long-term performance incentives |
|
Sable Employee Share Trust |
5% |
Evergreen employee ownership scheme covering all permanent staff |
2.4 Board of directors
|
Director |
Role |
Profile |
|---|---|---|
|
Dr. Naledi Mokoena |
Independent Non-Executive Chairperson |
Former development finance executive; 22 years across African energy and infrastructure credit; chairs audit & risk at two listed groups |
|
Sipho Dlamini |
Chief Executive Officer |
Pr.Eng electrical engineer and co-founder; led grid-connection delivery on 1.1 GW of renewable IPP projects across three bid windows |
|
Annelize van der Merwe |
Chief Financial Officer |
Chartered Accountant (SA); former project finance director at a big-four bank’s power desk; closed R14bn of energy debt |
|
Thabo Nkosi |
Chief Technical Officer |
Energy systems engineer; storage integration lead for a global OEM across MEA; 600 MWh delivered |
|
Priya Naidoo |
Independent Non-Executive Director |
Admitted attorney specialising in energy regulation and PPP frameworks; served on a national market reform advisory panel |
|
Johan Kruger |
Non-Executive Director (Mzansi nominee) |
Infrastructure fund principal; portfolio oversight of 2.4 GW of African power assets |
|
Zanele Khumalo |
Non-Executive Director (Trust nominee) |
Development economist; trustee governance and social performance oversight |
2.5 Governance framework
The board meets quarterly under a charter reserving major capital commitments, related-party transactions and distributions. Audit and risk, social and ethics, and investment committees are constituted in line with King IV, a conflicts register is maintained, and independent directors hold a majority on the audit and risk committee. A delegation-of-authority matrix escalates commitments above R5 million to the chief financial officer and chief executive jointly, above R25 million to the board, and above R100 million to shareholders.
The composition of this board is unusually well matched to the transaction. An independent chairperson with development-finance credit experience, a chief financial officer who has sat on the lender side of comparable financings, an independent director specialising in energy regulation, and separate nominees for the anchor fund and the community trust together provide the range of perspectives a project financing requires. For a company whose finance documents will impose continuous covenant, reporting and reserve obligations, this depth is a genuine credit strength rather than a formality.