Nedbank CIB Partners With New GX To Drive Sustainable Development In South Africa
Nedbank CIB Partners With New GX To Drive Sustainable Development In South Africa. Nedbank Corporate and Investment Banking (CIB) is excited to announce a new strategic partnership with New GX Capital Investments, a 100% black-owned and controlled investment holding company. The partnership saw CIB successfully structuring and delivering a bespoke Preference Share Facility of up to R1.5bn to provide funding for the sustainable development investments of Green Climate Ventures (GCV), a vehicle focused on building up digital infrastructure, energy, water, and related sectors in order to contribute to a more sustainable South Africa.
The facility, R726 million of which was underwritten by CIB itself, will provide the capital needed to catalyse GCV’s growth and enable meaningful investments in line with its mandate. GCV’s asset portfolio includes interests in Community Investment Ventures Holdings (CIVH) and Sustainable Power Solutions (SPS). CIVH focuses on fibre infrastructure investments and is the cornerstone asset of the GCVs portfolio. It provides a strong foundation for long-term growth by delivering significant benefits to South African communities, including faster internet, improved access to online resources, and promotion of economic development and social inclusion.
SPS develops and operates solar power facilities for commercial and industrial clients in South Africa and Africa, providing clean and reliable sources of energy that contribute to a more sustainable and resilient energy system. The partnership between CIB and New GX underscores the commitment by both organisations to supporting projects with maximum potential to positively impact South Africa’s future. Khudusela Pitje, founder of New GX, expressed his gratitude for the strategic support received from Nedbank CIB stating: “This has allowed our business to reposition itself into capital-intensive and high-impact sectors.”
Not only does this transaction showcase CIB’s expertise in delivering financial solutions for Black Economic Empowerment (BEE) investment holding companies, but it also demonstrates the investment bank’s capabilities and expertise in key sectors that can directly influence South Africa’s sustainable economic growth.
