RMB FUNDS SCATEC’S MMADINARE SOLAR PROJECT

Botswana’s biggest bank, through its corporate and investment banking division, Rand Merchant Bank Botswana has, in a landmark deal, played a pivotal role as lender, hedging bank, and account bank, contributing 50percent to the debt funding of the Mmadinare Solar Complex Project.

The groundbreaking initiative, features a 60MW scalable solar PV plant developed by Selebi-Phikwe Solar, a subsidiary of Scatec ASA.

“RMB Botswana’s dedication to environmental stewardship and sustainability underscores our commitment to supporting our client base in their journey towards a greener future. We believe in sustainability principles that foster environmental wellbeing and bring mutual benefits to all stakeholders, paving the way for a thriving and sustainable future,”said Steven Bogatsu, the FNB Botswana Chief Executive Officer.

According to a statement, the project, awarded to Scatec ASA by the Botswana Power Corporation (BPC), extends beyond electrification capacity. Under the signed Power Purchase Agreement, Scatec will not only supply 100percent of the power produced by the solar complex to BPC but will also contribute to the country’s energy diversification efforts.

This transformative deal aligns seamlessly with RMB Botswana’s broader sustainability strategy, emphasising a shift from traditional energy financing to green energy solutions. The approved Energy and Fossil Fuel Financing Policy positions the Bank as a key player in driving positive change, facilitating the transition to new green energy solutions that benefit all.

Bogatsu concluded, “This transaction is a manifestation of our commitment to supporting Botswana’s Transition pathway in line with the integrated resource plan. RMB Botswana is proud to be part of this transformative journey, focusing on ensuring that the projects we finance leave a lasting positive impact on the environment”.