United Kingdom, July 1 -- Magnora is pleased to announce that Globeleq, together with its local partners, has successfully reached financial close for the 153 MW / 612 MWh Red Sands battery storage (BESS) project, developed originally by African Green Ventures (AGV), the South African development arm of Magnora. Globeleq acquired the Red Sands project from Magnora in 2023 and it was awarded preferred bidder status in 2024 as part of South Africa's Energy Storage Capacity Independent Power Producer Procurement Programme.The Red Sands site is located in the Northern Cape region, about 100km south-east of Upington and will span approximately five hectares. With the project now reaching financial close, this triggers the last and final payment ...