Nedbank CIB gives ENGIE solar projects the green light


Leading renewable energy player ENGIE Southern Africa (ENGIE"), recently appointed Nedbank as the joint mandated lead arranger and sole sustainability structurer and coordinator for the senior debt and ancillary funding of 2 solar photovoltaic (PV) projects to the value of R2,5 billion.

Proceeds from the green loan will exclusively fund the development of facilities with a combined generating capacity of 150 MW. These ventures, developed under the Renewable Energy Independent Power Producer Procurement Round 5 programme of the Department of Mineral Resources and Energy, signify a significant advancement in alternative power generation in the country.

Nedbank presently holds approximately 50% of the debt and leveraged its extensive sustainability expertise to structure the entire debt package. The financing, validated by an independent second-party opinion from the consulting firm IBIS, aligns with the Loan Market Association's green loan principles, National Treasury's green finance taxonomy, and the Climate Bonds Initiatives standards – all aimed at promoting transparency, integrity and credibility within the green loan market.

ENGIE's presence in Africa extends across 3 000 MW of electricity generation facilities, underscoring their unwavering commitment to combatting global warming and fostering universal energy access.

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