South Africa’s Nedbank plans to raise R4 billion ($490 million) from a green savings bond programme that will allow clients to invest as little as R1000 ($122).

The fund raised will be used to finance the bank’s various renewable energy projects in South Africa. Nedbank Capital’s head of infrastructure, energy and telecom, Mike Peo said on Tuesday.

“We will go for an initial tranche of at least R4bn.… We are quite confident we will raise that,” he added.

The bank’s managing executive of client engagement Anton de Wet explained the product to BusinessDay. “This product allows people to be tangibly involved in the development of renewable energy projects,” De Wet said.

The minimum investment in the bond programme is R1000 ($122), people in the low-end market to invest and investors can choose to invest their money for 18, 24, 36 or 60 months.

Furthermore, investors can be paid interest monthly, quarterly, half-yearly, yearly, or when the investment term expires.