Shoprite secures R3.5 billion in loans for related solar projects

South Africa’s largest Retail group Shoprite said on Monday it had finalized ‘sustainability-linked’ loans worth R3.5 billion from major banks to fund big investments in renewable energy and other projects environmental.

The loans include a R2 billion facility from Standard Bank as well as an R800 million sustainability-linked loan and a R700 million “green loan” from the Rand Merchant Bank to invest in environmental projects .

“Another sustainability-related loan is in the pipeline,” the JSE-listed retailer said in a statement.

Read: Shoprite in joint venture with RTT as e-commerce takes off in South Africa

The loans will be used to expand Shoprite’s investment in:

  • Renewable energy and the increase in energy from renewable sources as a percentage of total electricity consumption;
  • Cardboard and plastic recycling;
  • Sustainable packaging, including reusable, recyclable and compostable packaging, containing recycled materials; and
  • Energy efficiency, including LED lighting and a refrigeration monitoring system to reduce energy consumption and waste.

“Shoprite Group increased the installed capacity of its solar PV systems by 82% in the past fiscal year,” he said. “These investments will allow the group to extend the substantial investments it has already made.”

“The loans allow us to continue on the path of reducing our environmental footprint by using more renewable energy and sustainable packaging, and recycling more waste,” said Sanjeev Raghubir, Shoprite Group Sustainability Manager. . – © 2022 NewsCentral Media

Get the latest South African tech news

Comments are closed.