Renewable Energy Sector Development Project (NDB-RENEWABLEENERGYSECTOR)

Countries
  • South Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • New Development Bank (NDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 31, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Industrial Development Corporation of South Africa Limited (IDC)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Project Cost (USD)
$ 80.18 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported ZAR 1150 million
Converted using 2019-03-31 exchange rate.
Bank Documents
Primary Source

Original disclosure @ NDB website

Updated in EWS Jan 17, 2020


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Project Description

According to bank provided information, the objective of the Project is to facilitate investments in renewable energy that will contribute to power generation mix and avoidance of carbon dioxide emissions in South Africa, in line with the South African Government's Integrated Resource Plan, and its target of reducing greenhouse gas emissions as articulated in the National Development Plan 2030.

The proposed NDB loan through the modality of a two-step loan will be used by IDC for on-lending to its identified sub-projects including solar, biomass and wind energy sectors.

Investment Description
  • New Development Bank (NDB)

NDB will provide a loan without sovereign guarantee to the NFI, IDC, with an amount up to ZAR 1.15 billion. NDB's financing may not exceed 50% of sub-project costs, unless otherwise agreed by NDB.