RMBandrecentlylaunchedrenewableenergycompany,AnthemcloseanR8.5bnMulti-PurposeFacility

10 December 2025

RMB and recently launched renewable energy company, Anthem close an R8.5bn Multi-Purpose Facility

RMB acted as the exclusive Initial Mandated Lead Arranger and Bookrunner (IMLAB), Facility Agent and House Bank on an R8.5bn multi-purpose facility for the newly-launched, renewable energy business, Anthem - one of South Africa's largest and most diversified independent power producers (IPPs).

Anthem was formed through the merger of African Clean Energy Developments (ACED) and Energy Infrastructure Management Services (EIMS Africa), both part of the IDEAS Fund, a R30bn infrastructure fund managed by Old Mutual's African Infrastructure Investment Managers (AIIM) over the past 25 years. The consolidation positions Anthem as a major force in South Africa's clean energy transition.

Anthem develops, finances, constructs and operates utility-scale renewable energy projects, including wind, solar PV and battery energy storage solutions. The company launched with 2.7 GW of secured capacity, comprising 17 operational projects (1.1 GW), 4 projects under construction (445 MW) and 3 projects approaching financial close (1.2 GW), with a further greenfield pipeline exceeding 11 GW of sites in development. Anthem is targeting 6 GW of  capacity by 2030, supported by strong institutional backing from IDEAS Fund, Norfund (the $3.8bn Norwegian Investment Fund for developing countries) and Mahlako Energy Fund (managed by a 100% black women-owned fund manager with a strong track record in energy and infrastructure). Norfund and Mahlako will take up shares subject to customary approvals, currently underway.

RMB's multi-purpose facility will play a fundamental role in unlocking Anthem's pipeline, enabling the issuance of performance bonds, equity guarantees and cash draws for underlying projects, bridging or acquisitions. The facility includes an accordion feature allowing for future upsizing above R8.5bn.

"Our close relationship with Anthem's predecessor entities and shareholders, nurtured over more than a decade, enabled us to design and propose a bespoke multi-purpose facility that supports Anthem's growth ambitions. As South Africa moves toward a more liberalised electricity market, Anthem is strategically positioned to serve public‑utility buyers, industrial and commercial users, and future energy‑trading platforms.  Its combination of size, financial strength, and pipeline depth makes it a key player in shaping the region’s renewable‑energy landscape,” according to David Jones, lead transactor on the deal.

Anthem’s Chief Commercial Offer, Mike Wickins commented that “RMB’s intimate knowledge of our business has allowed them to deliver a groundbreaking facility that provides ample firepower and flexibility for Anthem to cement its position as the region’s premier IPP”.

 

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