In 2022, the South African mining firm Harmony Gold nominated Nedbank to be global coordinator, bookrunner and sustainability coordinator for the pricing, structuring, arrangement, refinancing and upsising of its solar facilities.

This was done through the largest sustainable finance transaction to come out of the South African market – a multi-currency, multi-tranche sustainable finance package worth ZAR10 billion ($553 million).

The proceeds of the loan portion are being allocated towards funding a 137MW solar PV project, which the company said would deliver over ZAR500 million per annum in cost savings once it reaches full production in 2025.

The sustainability-linked USD and ZAR tranches of the loan target carbon emissions reduction and water-saving initiatives.

Arvana Singh, head of sustainable finance solutions at Nedbank CIB, said: "As a purpose-led business, this transaction resonates with Nedbank's vision of creating positive impact. This landmark funding package will provide Harmony Gold with sufficient financial flexibility to support its existing operations and demonstrates its commitment to operating in a more sustainable way, thereby helping to move the country forward to a lower-carbon future.

"The successful execution of this transaction, which is of significant size and complexity, showcases our ability as Nedbank CIB to partner with our clients and use our financial expertise to drive sustainable outcomes."