Nedbank CEO Mike Brown assumes bank is keen to fund more renewable projects.
Nedbank Group wants to almost double its lending for green energy projects in South Africa over the next two years as it seeks to consolidate its position as a market leader in financing renewable energy projects.
The bank’s loans for the government’s Renewable Energy Independent Power Producers Programme – which aims to increase privately generated electricity in the country – could jump to around $3 billion in the “short to medium term”.
In addition to South Africa, the bank sees opportunities in liquefied natural gas discovered in Mozambique, although projects in the region have been delayed due to Islamic State attacks in the northern part of the country.
The insurgency has resulted in thousands of deaths and displacement of people.
“I’m sure all the sponsors are reassessing when and how to start again, taking into consideration what’s happening in the world,” Brown said. “I think that makes LNG deposits even more attractive than they were previously, if these security issues can be resolved,” he concluded.
08/04/2022
