- The loan will finance seven newly installed projects in South Africa.
A retail real estate investment trust-Vukile Property Fund, has concluded a five-year US$13m use-of-proceeds green loan with Nedbank to fund 19 solar energy projects and energy-efficiency initiatives across South Africa.
The loan will fund seven recently installed solar energy projects of R60m (~$3.9m). In addition, it will be used for eight solar farm installations expected to commence at Vukile’s retail properties, together with four future solar projects, all scheduled for completion in the next three years at a combined R140m.
According to the CEO of Vukile Property Fund, Laurence Rapp, “This funding will be dedicated to new on-site solar farms at retail property assets, supporting their energy-efficient and cost-efficient operations, and helping to meet the needs of our retailer tenants and shopping centres’ customers, while reducing climate impact.”
Arvana Singh, Head of Sustainable Finance Solutions at Nedbank CIB, explained the project creates innovative solutions and opportunities to tap into sustainability through renewable energy adoption. “More than just a means of funding property projects, Vukile’s new Green Loan underscores the green built environment ethos that Vukile and Nedbank share,” Singh stated.