Nedbank Corporate and Investment Banking (CIB) through its Sustainable Finance Solutions team was the first bank in South Africa to list a renewable energy bond on the green bond segment of the local securities exchange (JSE).
IMPACT awards judges highlighted the way the lender has "pioneered" transactions across sectors and currencies using diverse, innovative, debt and bond instruments, calling the firm "the leader in South African renewable energy finance".
Green initiatives funded by Nedbank CIB include projects in the social and energy sectors, extractive industries, infrastructure, water and sanitation, renewables that target lower carbon emissions, and energy security.
For example, in 2022 the lender provided mining firm Harmony Gold with a dual-currency, multi-tranche, debt package that represented the largest sustainable finance syndication to come out of the South African market.
The loan will be used exclusively to fund the company's solar photovoltaic projects with the aim of ultimately increasing their renewable capacity by 137 megawatts (MW).
The loan demonstrated how capital markets can be used to drive forward more sustainable business practices in the country.
Nedbank CIB also developed a sustainability-linked revolving credit facility for Imperial Logistics to the value of ZAR 1 billion ($59 million).
The judges said that they were impressed with the positive way Nedbank CIB engages with its employees, clients, communities, shareholders, and other stakeholders.
"Through our arrangement of market-leading sustainable finance solutions for clients across industries, we are setting the tone and momentum for the creation of multiple positive impacts," commented Arvana Singh, Nedbank CIB's head of Sustainable Finance Solutions.
Nedbank CIB won 'Investment bank of the year' in last year's IMPACT awards.