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    Reference: 20230383
    Release date: 21 September 2023

    Promoter – Financial Intermediary

    FIRSTRAND BANK LTD

    Location

    Description

    The facility will provide funding to FirstRand Bank Limited (FRB) to support the development and upscaling of solar photovoltaic and wind renewable energy investments in South Africa, in line with the EIB Climate Action eligibility criteria.

    Objectives

    The aim is to enhance access to finance for independent power producers operating in South Africa to implement low-carbon and climate resilient project, which will lead to a substantial reduction of carbon emissions.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 200 million

    Total cost (Approximate amount)

    EUR 400 million

    Environmental aspects

    The operation intends to generate environmental benefits by supporting renewable energy (i.e. solar photovoltaic projects, onshore wind) schemes that help to mitigate climate change. The underlying schemes would fall under the Annex II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU (amending Directive 2011/92/EU), if located within the EU, requiring the competent authorities to determine whether an environmental impact assessment is required. In such case, the Borrower will ensure that an Environmental and Social Impact Assessment is carried out and that public consultation is undertaken in accordance with national legislation and the EIB environmental and social standards. The EIB will assess the capacity and procedures of the Borrower to ensure the underlying schemes' compliance with national environmental, social and biodiversity regulations, as well as with the EIB's environmental and social standards.

    Procurement

    The EIB will require the Borrower to ensure that implementation of the underlying schemes will be done in accordance with the EIB's Guide to Procurement.

    Status

    Signed - 8/07/2024

    Milestone
    Under appraisal
    Approved
    Signed
    6 February 2024
    8 July 2024

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    South Africa Energy