Nedbank backs Anthem Group’s $353 million green energy expansion

Nedbank Corporate and Investment Banking (Nedbank CIB), a division of Nedbank, has anchored an R8.5 billion ($353 million) structured financing package for Anthem Group, strengthening South Africa’s renewable energy expansion through independent power producers (IPPs). 

The transaction underscores rising demand for large-scale capital solutions as the country accelerates its shift away from coal-heavy generation. The funding positions Anthem Group among South Africa’s most significant locally owned renewable platforms, with ambitions extending across the Southern African Development Community (SADC).

Multi-tranche financing for utility-scale growth

The deal combines multiple funding tranches designed to support Anthem’s full project lifecycle, from early-stage development to construction and long-term operations. Nedbank acted as lead arranger alongside Rand Merchant Bank, structuring a flexible capital solution tailored to utility-scale renewable infrastructure.

The approach reflects a broader shift in project finance, where developers increasingly require adaptive capital structures that can absorb long gestation periods, regulatory complexity, and phased deployment risks.

Expanding ESG-linked infrastructure finance

According to Nedbank CIB, the transaction highlights its expanding role in financing across the capital stack, reinforcing its positioning as a key enabler of South Africa’s energy transition.

“This transaction enables Anthem to accelerate its renewable growth strategy while unlocking future pipeline opportunities,” said Tokollo Tau, principal of energy finance at Nedbank CIB.

The financing also aligns with the bank’s broader environmental, social, and governance (ESG) mandate, which integrates sustainability metrics into lending decisions while targeting low-carbon infrastructure growth across Africa.

Anthem scales renewable energy platform

Anthem Group continues to expand as a vertically integrated renewable energy developer, constructing and operating wind and solar assets across South Africa. The company currently manages more than 2GW of operating capacity and maintains a development pipeline exceeding 11GW.

With a specialist team of over 80 renewable energy professionals, Anthem is advancing from greenfield development to financial close, construction execution, and long-term asset operation, positioning itself as a key regional IPP player.

Nedbank’s Pan-African energy play

Nedbank is one of Africa’s largest financial services groups, serving nearly 8 million clients across retail, wholesale banking, insurance, asset management, and wealth management.

With a growing pan-African footprint, the lender is positioning itself as a key driver of sustainable finance and green transition solutions aligned with the continent’s net-zero ambitions.

Its Corporate and Investment Banking arm delivers transaction, corporate, and investment banking services across local and global markets, underpinned by a systems-based approach that links business performance to economic resilience, social development, and environmental sustainability.