R35 billion to power South Africa


At Nedbank CIB, we are committed to doing our part in the transition to sustainable energy. In late 2022, we funded approximately R35 billion of the country’s Renewable Energy Independent Power Producer Programme. In addition, Nedbank CIB assisted in introducing 3157MW of new energy to the national power grid. According to Vusi Mpofu, sector lead for mining and chemicals at Nedbank, an investment of this magnitude has meant the bank’s energy team has been able to build relationships with independent power producers, something that can only improve the state of the country’s power supply.  

This is good news considering power disruptions over the past year. These disruptions have meant a decline in mineral production across all commodities. For example, in November 2022, mining production shrunk by 9% after 10 consecutive months of continuous decline. The economy now faces a R1 billion rand hit because of the impact of loadshedding, daily.

When it comes to addressing local business’ power needs, Nedbank CIB continues to provide efficient and effective solar solutions that make it easier to keep the lights on. Nedbank is also helping organisations reduce their carbon footprint while alleviating the strain that comes with an inconsistent power supply. Our guidance and insight assist our energy and mining clients with bespoke financing solutions that consider the environment and their pockets.

At the end of the day, Nedbank prides itself in leading the way – both locally and abroad – when it comes to sustainable finance. And these economy-changing solutions are just the beginning.