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R10bn loan takes Harmony closer to renewable energy goal
Harmony Gold's solar photovoltaic projects see a boost thanks to Nedbank CIB green loan.
In June 2022, sustainable gold mining and exploration company, Harmony Gold, appointed Nedbank CIB to help them refinance and upsize its key corporate debt facilities. The R10 billion green loan – coordinated and structured by Nedbank CIB – has been used exclusively to finance the construction of Harmony’s second phase of solar photovoltaic projects.
As a result, Harmony’s renewable energy generation has increased by 137MW, keeping the company’s decarbonization strategy on track. This includes the goal of having 30% of their energy mix originating from renewable sources by 2027. And, thanks to Nedbank CIB’s green loan, this goal is well within reach.
An independent party, global climate consultancy Carbon Trust, was also brought in to confirm that Nedbank CIB's loan is aligned with the core components of the Loan Market Association green loan- and sustainability-linked loan principles.
But the impact of the R10 billion loan goes far beyond the environment. It will see Harmony making a marked difference in South Africa in areas like increased employment and fiscal contribution.
Nedbank CIB recognises that environmentally sensitive mining is a non-negotiable in South Africa's efforts to move towards a lower-carbon future and is, therefore, delighted to have been a part of Harmony Gold's green ambitions.
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Redefine Properties Limited R1,65bn Green Bond
The Property Finance team is pleased to announce the successful conclusion of a R1,65bn green bond qualifying as a high-quality liquid asset (HQLA) for Redefine Properties Ltd (Redefine) as part of a R5bn debt-refinancing package.
Published 09 May 2023 in nedbank:cib-insights
