RMB Botswana Finances the Mmadinare Solar Complex Project; Botswana’s First Largest Renewable Energy Initiative
In a dynamic stride towards a brighter and more sustainable future, Rand Merchant Bank Botswana (RMB Botswana), attended the ground breaking ceremony for the Mmadinare Solar Complex Project in Selebi Phikwe. RMB Botswana played a pivotal role as Lender, Hedging Bank, and Account Bank, contributing 50% to the debt funding to this initiative.
The Mmadinare Solar Complex Project is a groundbreaking initiative, featuring a 60MW scalable solar PV plant developed by Selebi-Phikwe Solar (Pty) Ltd, a subsidiary of Scatec ASA.
Steven Lefentse Bogatsu, FNB Botswana CEO, said, "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."
The project, awarded to Scatec ASA by the Botswana Power Corporation (BPC), extends beyond electrification capacity- it is a catalyst for positive change. Under the signed Power Purchase Agreement, Scatec will not only supply 100% 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".
