Anthem secures R8.5bn debt facility from Nedbank CIB and RMB for renewable energy expansion
What's the deal? NedbankDealroom has a profile for this one. Try Dealroom → Corporate and Investment Banking (CIB) has arranged an R8.5 billion funding package for the Anthem Group, one of South Africa's largest fully integrated independent power producers (IPPs). Nedbank acted as lead arranger and primary lender, partnering with Rand Merchant BankDealroom has a profile for this one. Try Dealroom → (RMB) to structure a multi-tranche deal designed to accelerate Anthem's growth across the renewable energy value chain.
Anthem is controlled by Old MutualDealroom has a profile for this one. Try Dealroom → (via the AIIMDealroom has a profile for this one. Try Dealroom →-managed IDEAS FundDealroom has a profile for this one. Try Dealroom →) and backed by NorfundDealroom has a profile for this one. Try Dealroom →, the Norwegian investment fund for developing nations, and the Mahlako Energy Fund, a 100% black-women-owned fund manager. The company targets 6GW of renewable energy capacity by 2030.
Why now? South Africa is transitioning toward a more liberalised electricity market, creating opportunities for IPPs to serve public utilities, industrial users, and emerging energy trading platforms. Anthem also has plans to expand into the broader Southern Africa Development Community (SADC) region.
"As South Africa transitions to a more liberalized electricity market, Anthem is well-positioned to meet the needs of public utility buyers, industrial and commercial users, and emerging energy trading platforms," said Tokollo Tau, principal of energy finance at Nedbank CIB.
What could go wrong? South Africa's renewable energy ambitions face persistent challenges: grid connection delays, regulatory uncertainty, and the sheer scale of infrastructure investment required. Achieving a 6GW target by 2030 demands rapid project development in a market still working through structural constraints.
Expansion into SADC markets adds cross-border risks, including varying regulatory frameworks and currency exposure.
The signal: The R8.5 billion package marks a shift from project-level financing to corporate-level backing for an integrated IPP platform — a structure still rare in African renewables. With Old Mutual, a major corporate investor, and Norfund, a dedicated development-focused investment fund, co-anchoring the capital base alongside Rand Merchant Bank as co-arranger, the deal suggests institutional appetite for renewable energy in South Africa is moving beyond single-asset bets toward scalable, platform-level commitments.
Read more: Nedbank CIB
