Nedbank CIB partnered with SOLA Group to close a R4 billion deal for South Africa's first utility-scale solar project, designed to provide clean energy to five Tronox titanium mining facilities.

Information on the Target

The target of this landmark investment is the solar energy project initiated by the SOLA Group, which marks South Africa's first utility-scale solar installation designed to supply energy directly to the national grid. This innovative project is set to serve five titanium mining facilities operated by Tronox Mineral Sands, a key player in the titanium dioxide market. Titanium dioxide is an essential pigment utilized across various industries, including cosmetics, thus underscoring the project's significance in enhancing the sustainability of titanium extraction and production.

Industry Overview in South Africa

South Africa's energy sector has been undergoing significant transformation in recent years, shifting towards renewable energy sources to meet growing demand while addressing environmental concerns. The country's integration of solar energy into its grid marks a critical step in diversifying its energy portfolio and reducing reliance on fossil fuels. This shift is further driven by the government's commitment to increasing renewable energy's contribution to the national energy mix, which aims to elevate solar energy's capacity considerably in the coming years.

In North West Province, where the project is located, the local government supports renewable energy initiatives to stimulate economic development and create jobs. The region's solar potential is substantial, with high levels of sunlight pro