Nedbank CIB supports Prescient to power renewable growth

 

 R2 billion letter of guarantee facility

 

Under the partnership, we structured a groundbreaking R2 billion Letter of Guarantee Facility, collateralised by Government Bonds, to support Prescient’s Clean Energy Fund in providing initial equity finance to developers of the Oasis 1 portfolio, comprising the Oasis Mookodi, Oasis Aggeneis, and Oasis Nieuwehoop projects, South Africa's first Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP).  

 

Oasis 1 portfolio projects

 

This facility, collateralised by Government Bonds, is a pioneering structure that showcases our ability to originate and negotiate innovative trade solutions. The facility enables project developers to secure their equity contributions - typically 20% of project costs - before financial close, unlocking broader financing to support the development of the Oasis 1 portfolio. These projects will collectively contribute 784 MW to the national grid.

 

Supporting SA’s sustainable development goals

 

Beyond the financial innovation involved in putting this deal together, the transaction highlights our strong focus on Environmental, Social, and Governance (ESG) principles. By supporting the Prescient Clean Energy Infrastructure Debt Fund Trust, we are directly contributing to South Africa’s sustainable development goals.  

 

Contributing to the Clean Energy Fund

 

The Clean Energy Fund, with assets of R3.8 billion, has financed 31 renewable energy and infrastructure projects since its launch in 2021, adding 2.3 GW of clean energy to the grid. This latest deal not only strengthens our strategic partnership with Prescient but also reinforces our role as a leader in sustainable finance and infrastructure investment.