• Contact
Sunday, February 5, 2023
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    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

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Zimbabwe cuts world’s highest interest rate as inflation eases

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Convergence Partners raises $296 million to drive digital inclusion across Africa

    Trending Tags

  • Business
    Shell oil tanker questioned over payment of losses and damages

    Shell oil tanker questioned over payment of losses and damages

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

    Richest African man building fourth cement plant in Nigeria

    Richest African man building fourth cement plant in Nigeria

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    World’s Richest Rankings: Aliko Dangote maintain his position as Africa’s richest man

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Global tech billionaires eye Zambia’s electric vehicle battery mines

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa will have 57 million pay TV subscribers by 2028, report

    Africa startups defy funding slump as debt financing fuels growth

    Africa startups defy funding slump as debt financing fuels growth

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Port of Maputo achieves new handling record, sees soaring chrome throughput

    Court told Anglo turned blind eye to Zambian lead poisoning

    Court told Anglo turned blind eye to Zambian lead poisoning

  • Finance
    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

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    There was a 25% increase in finance app installs across Africa between 2021 and 2022

    Yellow Card expands payment feature across Africa

    Yellow Card expands payment feature across Africa

    Government starts payment of $674,5 trillion matured securities

    Government starts payment of $674,5M matured securities

    South African rand steady with investor focus on Fed minutes

    South African rand steady with investor focus on Fed minutes

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

    South Africa recently declared bitcoin and other cryptocurrencies to be financial products

  • 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

Shell oil tanker questioned over payment of losses and damages

Shell oil tanker questioned over payment of losses and damages

03/02/2023
1
Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

03/02/2023
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

Why is Africa playing with fire?

Why is Africa playing with fire?

4 months ago
1
African Bank plots a slow course back to the JSE

African Bank plots a slow course back to the JSE

1 year ago
2
Botswana Ranked Africa’s Fifth Best Investment Address

Botswana Ranked Africa’s Fifth Best Investment Address

1 year ago
5
Kenya’s retail investors use 54% of their shares as collateral for bank loans

Kenya’s retail investors use 54% of their shares as collateral for bank loans

6 months ago
2

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

  • Zanzibar’s president is looking to make horticulture a significant part of his country’s economy
  • Shell oil tanker questioned over payment of losses and damages
  • Africa: SEFA Grants $1 Million to Seven Countries to Develop Electric Mobility

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