Nedbank CIB has financed Engie Africa and Pele Green Energy with R2, 5 billion for the Grootspruit and Graspan solar projects.
The projects plan to produce about 150 Megawatts.
Marcelo Soares, Chief Financial Officer of Engie, said “this innovative financing highlights Engie’s dedication to accelerating South Africa’s renewable energy transition, while addressing critical energy security challenges.”
Nedbank said the structuring of the finance for the project sets a benchmark for sustainable finance, in line with global and local green finance standards, including Green Loan principles, Climate Bonds Initiative Standards, SA Green Finance Taxonomy.
Gqi Raoleke, Chief Executive Officer of Pele Energy Group, said “this award is a testament to collaboration and innovation in solving South Africa’s energy challenges….”