Renergen has signed a retainer with the US International Development Finance Corporation (DFC) for a possible US$500mm loan to finance the Phase 2 development of the company’s Virginia gas project, in the Free State province of South Africa. Renergen says it is also considering co-lenders alongside DFC for a further US$200mm, after receiving multiple letters of intent from additional lenders. For Phase 2, Renergen plans to secure 65% debt funding, while equity funding will comprise the balance.
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