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R4bn Tronox solar deal leads the way in private energy generation
Tronox Mineral Sands and Nedbank CIB enable South Africa’s first utility-scale renewable-energy captive power project.
Nedbank Corporate and Investment Banking (CIB) acted as joint mandated lead arranger of a R4 billion deal with world-leading titanium dioxide pigment producer, Tronox Mineral Sands.
This investment transaction means the construction of two 100 MW solar power plants in the Ditsobotla Local Municipality in the North West. The plants comprise a total of 387 000 solar panels mounted on sun trackers and supply electricity to five Tronox facilities in the Western Cape and KwaZulu-Natal via wheeling arrangements with Eskom.
Nedbank Corporate and Investment Banking (CIB) contributed R827 million of the R3,1 billion debt portion of the total funding.
As the first utility-scale renewable-energy captive power project in South Africa, the Tronox deal is a significant step forward for private-sector energy generation in the country. Not only is it 100% South African-owned, financed, built and managed, but it is also one of the first wheeling private off-take projects of this scale in the country, and the plants will be among the first of their kind to feed directly into Eskom’s high-voltage transmission network.
As a market leader in the delivery of innovative renewable-energy solutions and a preferred energy solutions funding and advisory partner to many leading South African organisations, Nedbank CIB is pleased to have been part of this pioneering deal. The project sets an example of what can be achieved, through effective partnerships.
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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
