Petra enters into long-term agreements for renewable energy procurement

LONDON, UK: Petra Diamonds Limited has entered into long-term Power Purchase Agreements (PPAs) for the procurement of wheeled renewable energy for its Cullinan and Finsch Diamond Mines from Etana Energy, a licenced South African energy trader.

The PPAs will supply each operation between 36-72% of the expected load requirement from FY2026 onwards through utilising the existing electrical grid.

This represents a milestone for Petra’s sustainability ambitions, enabling Petra to fulfil its target of reducing scope 1 and 2 GHG emissions by 35-40% by 2030 (against its 2019 base line) well ahead of time. In addition to reducing the Company’s carbon footprint, the portion of the energy sourced from Etana will contribute to predictable energy costs and is expected to result in sustainable cost savings over the term of the PPAs.

The Company remains committed to generating zero emissions on a net basis for scope 1 and 2 by 2050, with an ambition to achieve this by 2040.

Etana provides cost-competitive clean energy from new large-scale renewable energy projects through wheeling over the existing South African grid. It has a portfolio of multiple ready-to-build and grid-secured wind and solar projects that are expected to come online over the course of 2025 and 2026. Etana’s wind-heavy portfolio enables greater consistency of renewable energy supply around the clock, resulting in enhanced cost savings and environmental benefits.

Richard Duffy, Chief Executive of Petra Diamonds, commented: “These agreements align with Petra’s renewable strategy and exemplify the Company’s continued integration of its sustainability ambitions in everything we do. This will result in a considerable reduction of our GHG emissions, well ahead of our 2030 target, and will further strengthen the sustainability credentials of our diamonds. We consider this to be an important facet, alongside the traceability and provenance of our diamonds, in differentiating Petra’s product offering. Furthermore, as part of our ongoing efforts to reduce our cost base, the tariff secured is expected to lead to sustained reduction in our energy supply costs which will further reduce fixed costs at our South African operations.

These agreements with Etana also demonstrate how Petra creates shared value through partnerships and we look forward to embarking on this long-term collaboration with them.”

Reyburn Hendricks, Director of Etana Energy commented: “We are delighted to announce these agreements with Petra Diamonds, which shares our commitment to driving sustainability. This represents a key step towards fulfilling our mission of accelerating the rollout of new renewable energy capacity in SA in a way that creates value for our customers and has a positive impact on the country and our planet.”