Afreximbank appointed sole financial adviser for South African coal-to-fertiliser project
Multilateral financial institution the African Export-Import Bank’s (Afreximbank’s) Advisory and Capital Markets (ACMA) department has been appointed and mandated as the exclusive financial adviser to raise capital for the $1.7-billion Suiso project, a coal-to-fertiliser facility to be developed in Kriel, Mpumalanga, South Africa.
As financial adviser, the ACMA department’s role will be to leverage its network and expertise to structure and mobilise the capital required for the project’s execution.
The project, which aims to promote sustainable agriculture, will use fertiliser technology, such as air products gasification, and aims to enhance the food security situation in the region.
Sponsored by a consortium of energy and industrial companies, the project is an investment in South Africa’s industrial agriculture sector aimed at reducing dependency on imported fertilisers.
Suiso was formed recently to focus on the manufacture of ammonia and fertiliser, using a fossil fuel gasification process.
It intends to build a more resilient and sustainable fertiliser and agricultural market across sub-Saharan Africa with more efficient fertiliser application rates and a reduction in greenhouse-gas emissions.
Suiso plans to establish a blue ammonia production facility that will produce about 2 600 t/d of urea, 1 600 t/d of ammonium nitrate and a low-density ammonium nitrate using prilling technology, with any excess ammonia to be sold in bulk.
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