Petra Diamonds inks green PPAs to slash emissions at S Africa mines

Petra Diamonds Ltd (LON:PDL) said on Thursday that is has entered into long-term power purchase agreements (PPAs) to procure wheeling electricity from renewable sources for its two diamond mines in South Africa.

The UK-based diamond miner said it has signed those agreements with South African energy trader Etana Energy to power its Cullinan and Finsch mines.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

Under the PPAs, Etana will supply each mine between 36%-72% of the expected load requirement from the fiscal year 2026 onwards by utilising the existing electrical grid.

According to Petra, Etana 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, with the portfolio tilting more towards wind. The energy trader uses the existing grid infrastructure to supply renewable power at competitive prices.

The PPAs will enable Petra to reduce its scope 1 and 2 greenhouse gas emissions by 35% to 40% by 2030 compared to the 2019 base line and secure renewables at predictable costs.

“[A]s 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,” said Petra Diamonds CEO Richard Duffy.