R4 billion solar project powers titanium mine.

Nedbank Corporate and Investment Banking's (CIB) key role in the closing of a landmark R4 billion deal, in partnership with SOLA Group resulted in South Africa’s 1st utility-scale solar project that feeds energy to the grid. This, in turn, powers 5 titanium mining facilities for Tronox Mineral Sands (Tronox). Titanium dioxide, derived from titanium, is a versatile pigment used across thousands of applications, including most sunscreens.

It’s this type of ecosystem thinking, rooted in deep cross-sector expertise, that radiates sustainable impact across business ecosystems into the world.

The deal, in which Nedbank CIB acted as joint mandated lead arranger, saw the provision of debt funding of over R3 billion. The project consists of 2 100 MW solar PV projects in the Ditsobotla Local Municipality in North West, and will supply electricity to 5 Tronox facilities in the Western Cape and KwaZulu-Natal via wheeling arrangements with Eskom. They will comprise a total of 387 000 solar panels mounted on trackers that change position as the sun moves. This solar PV project was designed and developed by the SOLA Group and African Rainbow Energy and Power (AREP). 

1st utility-scale solar project that feeds energy to the grid.

The sole energy off-taker from the projects is Tronox, a world leader in the mining, production and marketing of inorganic minerals and chemicals. Tronox’s operations are very energy intensive, but the company has firm sustainability commitments. This renewable energy project will not only underpin the security and affordability of its electricity supply – projected to deliver up to 40% of the company’s South African power requirements – but will also reduce Tronox’s global carbon emissions by an estimated 13% compared to its 2019 emissions baseline.

As a growing number of organisations seek to take advantage of the government’s relaxation of the thresholds on private energy generation, Nedbank is committed to continuing its leadership role as a preferred funding and advisory partner. As such, we invite our clients to partner with us in pioneering bespoke solutions driven by innovative ecosystem thinking.

When you see unexpected connections, you see sustainable growth.