Sibanye-Stillwater has signed a 138MW renewable energy power purchase agreement with NOA Group, a deal that will lift the miner’s contracted clean-energy portfolio to about 765MW and reinforce its position as South Africa’s largest private renewable off-taker in the mining industry, with major cost and emissions benefits expected from 2028.
The agreement, concluded on 13 February 2026, will see Sibanye-Stillwater’s South African operations supplied with 138MW a year of renewable electricity from NOA’s aggregated portfolio of solar and wind generation facilities under a flexible 10-year structure.
Power will be delivered through a national wheeling framework using Eskom’s grid, reflecting the growing shift towards large-scale wheeled renewable energy solutions for energy-intensive industries.
Beyond strengthening energy security, the deal is expected to cut Sibanye-Stillwater’s greenhouse gas emissions by around 433,080 tonnes of CO₂ equivalent per year from 2028 onwards, supporting the company’s longer-term pathway to carbon neutrality by 2040.
For NOA, the transaction represents one of its largest agreements to date, underlining the scale of its expanding renewable fleet and its ability to structure complex long-term solutions for major industrial customers. NOA CEO Karel Cornelissen said the agreement highlights the accelerating momentum behind renewable wheeling in the mining sector.
“We have scaled to deliver approximately 1.5TWh per annum of renewable energy to some of South Africa’s leading mining companies,” he noted.
Sibanye-Stillwater CEO Richard Stewart framed the agreement as another critical milestone in the company’s decarbonization strategy: “We welcome this renewable energy supply agreement with NOA, which is another critical step towards reducing our carbon emissions and achieving our goal of carbon neutrality by 2040,”
Stewart said, adding that the company continues to focus on commercially attractive energy security while supplying customers with responsibly produced products.
The broader figures illustrate the scale of Sibanye-Stillwater’s renewable transition. The group has now secured 765MW of renewable capacity through off-balance-sheet financing, with projects largely funded by independent power producers and third parties.
By 2028, renewables are expected to meet around 56% of total energy demand from its South African operations, while annual renewable energy costs are forecast to average 20–30% below Eskom wholesale tariffs, translating into savings of more than R1 billion a year.
At steady state, the portfolio is also expected to avoid approximately 2.63 million tonnes of CO₂ equivalent emissions annually from 2028, about 41% lower compared with 2024 emissions levels, placing Sibanye-Stillwater among the most advanced miners in South Africa’s private-sector energy transition.
Market implications extend beyond the mining sector. The rapid expansion of wheeled renewable energy agreements signals a structural shift in how large industrial players secure power, reducing reliance on constrained national utilities while accelerating investment into South Africa’s renewable infrastructure.
For global investors, the move highlights how decarbonisation strategies are increasingly tied to cost competitiveness, operational resilience, and ESG-driven capital flows in mining supply chains.
Looking ahead, Sibanye-Stillwater’s growing portfolio spanning wind farms such as Castle (89MW), Witberg (103MW) and Umsinde (140MW), alongside solar projects and multi-source energy trader portfolios positions the group to further insulate itself from tariff volatility while meeting international expectations for lower-carbon metals production.
As more mining companies follow this route, South Africa’s renewable wheeling market is likely to deepen, reshaping the country’s industrial energy landscape and reinforcing the role of private-sector partnerships in driving the next phase of the energy transition.
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