Nedbank Corporate and Investment Bank (Nedbank CIB) has been awarded the Impact loan of the year for structuring a landmark ZAR2.5 billion ($140 million) green loan to support the construction of utility-scale solar power projects in South Africa.
The agreement, signed with ENGIE Southern Africa and its partner Pele Green Energy, supports the construction of two solar power plants – Grootspruit and Graspan solar plants - with a combined capacity of 150MW. These projects are part of South Africa’s fifth round of the Renewable Energy Independent Power Producer Procurement (REIPPP) programme, a critical initiative for expanding the country’s renewable energy capacity which supports energy security as well as its transition away from coal to cleaner energy sources.
“This innovative financing package highlights ENGIE’s dedication to accelerating South Africa’s renewable energy transition while addressing critical energy security challenges. By partnering with leaders like Nedbank CIB, we are advancing impactful solutions for a sustainable future,” says Marcelo Soares, chief financial officer at ENGIE South Africa.
Nedbank CIB ensured the entire loan package, including ancillary funding, met global and local green finance standards by working closely with ENGIE and Pele Green Energy. The loan aligns with the Green Loan Principles, Climate Bonds Initiative (CBI) Standards, and South Africa’s Green Finance Taxonomy.
“This landmark green loan exemplifies the power of collaboration in driving renewable energy growth. ENGIE remains committed to delivering sustainable energy solutions that support the country’s green transition and improve the lives of South Africans,” says Soares.
“This award is a testament to the power of partnership and innovation in addressing South Africa’s energy challenges. By joining forces with Nedbank CIB and ENGIE Southern Africa, Pele Green Energy is proud to contribute to the country’s renewable energy goals while fostering sustainable economic growth. Projects like Grootspruit and Graspan Solar Plants exemplify our commitment to delivering impactful solutions that power a greener and more secure future for all South Africans,” says Gqi Raoleka, CEO of Pele Energy Group.
“This award is a testament to our unwavering commitment to our clients and South Africa. We leverage our financial expertise and innovative financing solutions to drive sustainable development. By supporting these critical infrastructure projects, we are advancing our country's renewable energy goals, energy security, and economic growth” says Anél Bosman, managing executive, Nedbank CIB.
