Absa Bank Ltd, Nedbank Group Limited and the Industrial Development Corporation of South Africa Limited are expected to utilise the facility, which is intended to help increase activity in the SME sector, where the profitability of renewable energy investments is probably not as attractive as for larger projects.
The banks will offer a 12-year reimbursable credit facility up to EUR10M (US$14.8M), with no minimum amount specified. Suitable projects will be identified by early 2010.
