DEALS

Funding renewable energy projects for a cleaner future

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We are proud to have acted as joint mandated lead arranger and lender for South Africa’s first utility scale renewable energy captive power project, comprising 200MW’s of solar power, which will be built in the North-West province in South Africa at an estimated cost of approximately R4.1bn.

The 200MW project (comprising of two projects of 100MW’s each), developed by SOLA Group of South Africa, will supply power to Tronox Holdings Plc’s  South African operations, Tronox SA, under a long term power purchase agreement, assisting Tronox to reduce its reliance on fossil fuel power and in line with its strategy to reduce carbon emissions. The project is expected to reduce Tronox’s global carbon emissions by approximately 13%.

The project will supply electricity, through wheeling arrangements with Eskom, to five of Tronox SA’s facilities in the Western Cape and KwaZulu-Natal. Tronox SA’s operations are energy intensive and, based on a competitive energy tariff secured through the structure, will contribute to significant savings in Tronox’ energy costs.

The transaction adds to our growing renewable energy portfolio, now measuring over 3.1GW’s, including Absa’s participation in Eskom’s renewable energy program, cementing our leadership in the sector.

The bravery to imagine. That’s Africanacity.

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