Solvanta Renewables — Implementation Roadmap
The critical path and dependencies, the milestone schedule and the first-year execution detail underpinning Solvanta.
Section 16 · Business Plan
Implementation Roadmap
The critical path and dependencies, the milestone schedule and the first-year execution detail underpinning Solvanta.
The roadmap sequences five capacity phases against the three gating
dependencies, environmental authorisation, grid connection and financial
close, with the trading desk and BESS programme built in parallel. The
Gantt chart below presents the critical path on a quarterly grid from
FY2027 through FY2032.
Critical path and dependencies
- Grid connection lead times (18–24 months) drive
every phase: budget quote applications for Phases 2–3 are submitted in
FY2027, before Phase 1 commissions. Arrows on the Gantt mark the
dependency of Phase 2 construction on Facility A financial close, and of
financial close on anchor PPA execution. - EIA cycles (12–18 months) are pipelined: at any
moment from FY2028, four to six sites are in authorisation concurrently,
providing substitution optionality if a site fails. - Financial closes cluster in FY2028 (Facility A)
and FY2030 (Facility B upsizing), each conditional on the preceding
phase’s commissioning performance, the mechanism by which lenders
control scale-up risk. - Trading licence (FY2027–FY2028) gates the
wheeled third-party book; the desk, settlement systems and credit
framework are built during the application period. - Mezzanine close (FY2031) funds the final 900 MW
acceleration; the platform refinancing/green bond (FY2032, post-plan) is
the intended take-out.
Milestone schedule
| Milestone | Target date | Gate condition |
|---|---|---|
| Tranche-1 equity close (committed) | Q2 FY2027 | Anchor investors; FY2027 funded-loss cover |
| First 50 MW solar COD | Q4 FY2027 | EPC take-over; grid code compliance |
| NERSA trading licence granted | Q2 FY2028 | Settlement systems audit passed |
| Facility A financial close (senior) | Q2 FY2028 | Phase 1 COD + Phase 2 PPAs ≥ 70% P50 |
| Cumulative 450 MW operational | Q4 FY2029 | Phase 3 completion |
| Facility B upsizing close | Q2 FY2030 | Portfolio DSCR ≥ 1.0x; DSRA funded |
| Cumulative 900 MW operational | Q4 FY2030 | Phase 4 completion |
| Mezzanine facility close | Q2 FY2031 | Phase 5 EPC awards; equity fully drawn |
| 1.8 GW installed; 400 MWh BESS | Q4 FY2031 | Full platform run-rate entering FY2032 |
First-year execution detail
FY2027 is a development year with a single revenue-generating
quarter: the first 50 MW commissions in Q4, while development, licensing
and team build-out costs run from month one. Monthly EBITDA remains
negative throughout the year, narrowing from approximately –R9 million
per month to –R4 million by June as early generation and development
fees phase in. This is the funded-loss profile that makes committed, not
pledged, tranche-1 equity a condition of credible close.
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 Solvanta Renewables (Pty) Ltd.