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R4 billion solar project powers titanium mine.
To block out the sun’s worst rays, harness its best.
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.
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The growth of sustainable finance in South Africa
As part of an expert panel at the 2022 South African Real Estate Investment Trust Conference, Arvana Singh, Nedbank Head of Sustainable Finance Solutions, shared some thoughts on how sustainable finance in South Africa can help mitigate ESG-related risks.
Published 30 May 2024 in nedbank:cib/articles/property
The growth of sustainable finance in South Africa
As part of an expert panel at the 2022 South African Real Estate Investment Trust Conference, Arvana Singh, Nedbank Head of Sustainable Finance Solutions, shared some thoughts on how sustainable finance in South Africa can help mitigate ESG-related risks.
Published 30 May 2024
Nedbank CIB honoured for leadership in sustainable finance
Our ESG-backed approach to lending and financing was recognised at the 2022 Global Finance Sustainable Finance Awards, where we ranked in the top 6% of banks globally and received awards for Outstanding Leadership in Green Bonds and Outstanding Leadership in Transition/Sustainability-linked Bonds.
Published 30 May 2024 in nedbank:cib/deals/esg
Nedbank CIB honoured for leadership in sustainable finance
Our ESG-backed approach to lending and financing was recognised at the 2022 Global Finance Sustainable Finance Awards, where we ranked in the top 6% of banks globally and received awards for Outstanding Leadership in Green Bonds and Outstanding Leadership in Transition/Sustainability-linked Bonds.
Published 30 May 2024
Nedbank CIB leads the way in sustainable finance in Africa
Nedbank's Corporate and Investment Banking (CIB) Division has been recognised for its excellence and innovation in sustainable finance by Global Finance, a respected and prestigious international finance magazine.
Published 30 May 2024 in nedbank:cib/articles/sustainability
What happens when finance meets sustainability?
Find out at the 25th edition of the Africa Energy Forum (AEF), which will be held in Nairobi, Kenya, from 20 to 23 June 2023. During the event Nedbank CIB will collaborate with other energy sector experts, regulators, utilities, developers, and institutions to identify crucial opportunities that will drive the industry forward.
Published 30 May 2024 in nedbank:cib/articles/sustainability
What happens when finance meets sustainability?
Find out at the 25th edition of the Africa Energy Forum (AEF), which will be held in Nairobi, Kenya, from 20 to 23 June 2023. During the event Nedbank CIB will collaborate with other energy sector experts, regulators, utilities, developers, and institutions to identify crucial opportunities that will drive the industry forward.
Published 30 May 2024
Accelerating and scaling Africa’s renewable-energy projects
In Africa more than 600 million people lack access to electricity. At the current pace of electrification millions of Africans are still expected to be without electricity in 2030 unless the pace of electrification is trebled, by connecting more than 90 million people a year. Beyond electrification, African countries should also focus on reducing gaps in access to electricity between urban and rural areas through expanding the electrical grid.
Published 30 May 2024 in nedbank:cib/articles/energy
Accelerating and scaling Africa’s renewable-energy projects
In Africa more than 600 million people lack access to electricity. At the current pace of electrification millions of Africans are still expected to be without electricity in 2030 unless the pace of electrification is trebled, by connecting more than 90 million people a year. Beyond electrification, African countries should also focus on reducing gaps in access to electricity between urban and rural areas through expanding the electrical grid.
Published 30 May 2024
