Petra Diamonds has entered into long-term power purchase agreements (PPAs) with licensed South African energy trader Etana Energy to procure wheeled renewable energy for its Cullinan and Finsch diamond mines.
Etana Energy provides cost-competitive, clean energy from new large-scale renewable projects, primarily wind-based, through wheeling over the existing South African grid.
The company’s portfolio includes multiple ready-to-build and grid-secured wind and solar projects expected to come online in 2025 and 2026.
Under the PPAs, Etana will supply each of the two operations with between 36% and 72% of their expected load requirements starting from the 2026 financial year.
This agreement will help Petra achieve its target of reducing Scope 1 and 2 greenhouse gas (GHG) emissions by 35% to 40% compared to its 2019 baseline, well ahead of the 2030 goal.
In addition to lowering the company’s carbon footprint, the energy sourced from Etana will contribute to predictable energy costs and savings over the term of the PPAs.
“This will significantly reduce our GHG emissions ahead of our 2030 target and further enhance the sustainability credentials of our diamonds.
This is crucial alongside the traceability and provenance of our diamonds in differentiating Petra’s product offering,” said Petra CEO Richard Duffy on May 23.
Duffy also emphasized the company’s commitment to achieving net-zero emissions for Scope 1 and 2 by 2050, with aspirations to reach this goal as early as 2040.
“These agreements with Etana demonstrate how Petra creates shared value through partnerships, and we look forward to embarking on this long-term collaboration,” Duffy added.
Etana Director Reyburn Hendricks stated, “This represents a key step towards fulfilling our mission of accelerating the rollout of new renewable-energy capacity in South Africa, creating value for our customers and having a positive impact on the country and our planet.”
