• Contact
Wednesday, October 4, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    These are the 10 most popular jobs that pay more than $100K, study finds

    These are the 10 most popular jobs that pay more than $100K, study finds

    See what Kenya is using to attract investment from global EV firms

    See what Kenya is using to attract investment from global EV firms

    6 infrastructure projects to drive Angola economic growth

    6 infrastructure projects to drive Angola economic growth

    Trending Tags

  • Business
    Chocolate could get even pricier if Africa’s cocoa crop flops

    Chocolate could get even pricier if Africa’s cocoa crop flops

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Industry Leaders Ignite Innovation at Women Who Build Africa's Tech Assembly in Nairobi

    Industry Leaders Ignite Innovation at Women Who Build Africa’s Tech Assembly in Nairobi

    Virgin Active to expand office space and meeting rooms in gyms

    Virgin Active to expand office space and meeting rooms in gyms

    Dangote, Bua show grit amid global sugar crises

    Dangote, Bua show grit amid global sugar crises

    800 million+ carats of diamonds in Angola reserves

    800 million+ carats of diamonds in Angola reserves

    Hindenburg 2.0? George Soros-backed group plans 'expose' on Indian firms: Report

    Hindenburg 2.0? George Soros-backed group plans ‘expose’ on Indian firms: Report

    Viktor Bout still has his eye on Africa

    Viktor Bout still has his eye on Africa

    SADC countries may benefit from ANGOSAT 2

    SADC countries may benefit from ANGOSAT 2

  • Finance
    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    These are the 10 most popular jobs that pay more than $100K, study finds

    These are the 10 most popular jobs that pay more than $100K, study finds

    See what Kenya is using to attract investment from global EV firms

    See what Kenya is using to attract investment from global EV firms

    6 infrastructure projects to drive Angola economic growth

    6 infrastructure projects to drive Angola economic growth

    Trending Tags

  • Business
    Chocolate could get even pricier if Africa’s cocoa crop flops

    Chocolate could get even pricier if Africa’s cocoa crop flops

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Sale of luxury villas starts in new Zimbabwean city for the rich

    Industry Leaders Ignite Innovation at Women Who Build Africa's Tech Assembly in Nairobi

    Industry Leaders Ignite Innovation at Women Who Build Africa’s Tech Assembly in Nairobi

    Virgin Active to expand office space and meeting rooms in gyms

    Virgin Active to expand office space and meeting rooms in gyms

    Dangote, Bua show grit amid global sugar crises

    Dangote, Bua show grit amid global sugar crises

    800 million+ carats of diamonds in Angola reserves

    800 million+ carats of diamonds in Angola reserves

    Hindenburg 2.0? George Soros-backed group plans 'expose' on Indian firms: Report

    Hindenburg 2.0? George Soros-backed group plans ‘expose’ on Indian firms: Report

    Viktor Bout still has his eye on Africa

    Viktor Bout still has his eye on Africa

    SADC countries may benefit from ANGOSAT 2

    SADC countries may benefit from ANGOSAT 2

  • Finance
    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

    MoneyGram joins forces with BOTIM to launch international money transfer to over 200 countries

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Business

Renergen signs $500m debt retainer for Virginia Gas Project

TAB by TAB
06/06/2022
in Business
0
Renergen signs $500m debt retainer for Virginia Gas Project
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

Renergen signs $500m debt retainer for Virginia Gas Project

Gas producer and US government’s financial development institution will assess the project and weigh potential for on-site diligence.

Related posts

Chocolate could get even pricier if Africa’s cocoa crop flops

Chocolate could get even pricier if Africa’s cocoa crop flops

30/09/2023
4
Sale of luxury villas starts in new Zimbabwean city for the rich

Sale of luxury villas starts in new Zimbabwean city for the rich

30/09/2023
1

JSE-listed gas producer Renergen has signed a debt retainer letter, valued at $500 million (over R7.7 billion), with US International Development Finance Corporation (DFC) to fund the second phase of the Virginia Gas Project, based in Free State.

“The debt amount available to the company will significantly reduce the amount of equity needed, while ensuring sufficient headroom to meet financial covenants,” adds Renergen CEO Stefano Marani.

According to Marani, Renergen is in the process of optimising phase two operations and is aiming to achieve a target of up to 65% of debt funding on the phase two project capital amount.

In a statement issued on Monday Renergen added that the DFC, which also invested $40 million for the first phase of operations, facilitated a test screening of the proposal for phase two financing.

“Renergen and DFC will now commence further analysis on the project, including potential on-site diligence following commission of the phase one plant.”

“We find ourselves in a very strong position as we embark on turning on the Virginia Gas Project plant in the coming weeks,” adds Marani.

Renergen, which is the first commercial onshore producer of helium and liquified natural gas (LNG), confirmed in its preliminary final report of its results for the year to end February 2022, that it was in the final stages of commissioning the Virginia Gas Project.

In addition to DFC, it says it also received multiple letters of intent to co-lend for phase two operations from additional lenders. This, according to Renergen, will have a cumulative value of more than $700 million in senior debt, which will exceed the remaining debt requirement.

“The lenders are currently in the process of reviewing all materials in the data room and will be conducting an onsite inspection of phase one operations, as part of the due diligence for the debt financing of phase two.”

Renergen signs $500m debt retainer for Virginia Gas Project

Source: Moneyweb
Previous Post

Ukraine cautious as Turkey, Russia push Black Sea grain deal

Next Post

Egypt skipper Salah to miss Ethiopia clash, El-Shennawi ready

Next Post
Egypt skipper Salah to miss Ethiopia clash, El-Shennawi ready

Egypt skipper Salah to miss Ethiopia clash, El-Shennawi ready

RECOMMENDED NEWS

Can African Passports create opportunities for Africans?

Can African Passports create opportunities for Africans?

8 months ago
1
FTC solar announces its first solar project in Africa

FTC solar announces its first solar project in Africa

2 years ago
28
The 10 richest people in the world have seen their combined fortunes swell by $140 billion in just 6 weeks – more than Starbucks’ entire market value

The 10 richest people in the world have seen their combined fortunes swell by $140 billion in just 6 weeks – more than Starbucks’ entire market value

8 months ago
2
Egypt, Greece to launch electrical wiring interconnection system with €3.56bn investment

Egypt, Greece to launch electrical wiring interconnection system with €3.56bn investment

11 months ago
4

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business - News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • These are the 10 most popular jobs that pay more than $100K, study finds
  • Chocolate could get even pricier if Africa’s cocoa crop flops
  • Sale of luxury villas starts in new Zimbabwean city for the rich

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In