Financial services company Nedbank, through its London branch, has signed and closed a $350-million sustainability-linked syndicated term loan facility, with a margin contingent on the company’s performance in terms of two internal key performance indicators, namely renewable energy consumption as a percentage of the total energy consumption and reduction of total Scope 1 and 2 emissions. The proceeds will be used for the refinancing of the remaining balance outstanding under the $500-million syndicated term loan facility dated November 5, 2019, of which $250-million was prepaid in 2021, as well as general corporate purposes, the bank said on October 20.
UK development finance institution British International Investment (BII) has launched under its new name in South Africa and has reaffirmed its commitment to invest to accelerate South Africa’s economic dynamism. The institution will deploy its patient, long-term capital toward scaling climate finance and expanding the country’s clean energy capacity, increasing investments into economic transforming sectors and backing productive and inclusive opportunities across the country.
Cabinet has officially endorsed the Just Energy Transition Partnership Investment Plan (JETP-IP) following a presentation it received at its latest meeting, held on Wednesday October 19. “After welcoming a presentation on the JETP and the JETP-IP, Cabinet endorsed the
Stage 3 and 2 loadshedding will again be implemented continuously from 16:00 on Friday until 05:00 Monday morning, Eskom said. Stage 3 loadshedding will continue to be implemented until 05:00 on Friday morning. Loadshedding will then be suspended for the day.
US firms developing a new generation of small nuclear power plants to help cut carbon emissions have a big problem: only one company sells the fuel they need, and it’s Russian. That’s why the US government is urgently looking to use some of its stockpile of weapons-grade uranium to help fuel the new advanced reactors and kick-start an industry it sees as crucial for countries to meet global net-zero emissions goals.
South Africa’s ideal power system – which is cost-effective and has the lowest greenhouse gas emissions – consists of solar PV, wind and battery storage. But the capital requirements for such a system ranges between R2.3-trillion and R3.1-trillion, according to a report by the National Business Initiative (NBI). NBI, in association with shareholder activism association Just Share and the World Wide Fund for Nature (WWF-SA), released the report Climate Change Investment and Finance Opportunities in The South African Electricity Sector on Wednesday.
More generation units failed at Eskom’s power stations overnight on Thursday, pushing SA into extended Stage 3 loadshedding. “Due to the failure of 2 units at Kendal Power Station and a unit each at Kriel and Arnot power stations, Stage 3 loadshedding has been extended from 05:00 today until further notice,” spokesperson Sikonathi Mantshantsha said.
The second part of the ‘Off-Grid Solar Market Trends Report 2022’, published on October 19 at the Global Off-Grid Solar Forum and Expo in Rwanda, has projected that 624-million people will be electrified by off-grid solar solutions by 2030. The report is the result of a collaboration between the World Bank’s Lighting Global, the International Finance Corporation (IFC), the Global Off-Grid Lighting Association (Gogla), the Efficiency for Access Coalition and Open Capital Advisors.
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