Standard Bank Supports Financial Close of Orkney Renewable Energy Project
27 Feb 2026
Country
South Africa
Year
2026
Sector
Renewable Energy
Business Unit
Project Finance
Specific Role
Co Mandated Lead Arranger, Lender, co Hedging Bank and Account Bank
The Orkney project marks an important step in strengthening South Africa’s renewable energy ecosystem. Developed near the town of Orkney in the North West Province, the 219 MWDC solar photovoltaic facility forms part of the country’s broader transition toward clean, reliable and cost competitive power. Standard Bank supported the project by structuring a financing solution that aligns with the sector’s long term growth and the ambitions of both Mulilo Energy and Etana Energy.
Mulilo Renewable Project Developments, owned by Mulilo Energy Holdings with majority investment from Copenhagen Infrastructure Partners, is advancing one of South Africa’s benchmark renewable energy projects: the 219 MWDC Mulilo Orkney solar photovoltaic (PV) facility. With a export capacity of 150 MWAC, the project has been designed to be battery energy storage system (BESS) ready positioning it for enhanced grid flexibility and future integration of storage technologies.
To support the development, Standard Bank was appointed as co Mandated Lead Arranger (co MLA), Lender, co Hedging Bank and Account Bank. We provided a senior debt facility totaling R 1.53 billion, complemented by R 192 million in ancillary debt facilities. Our experience in structuring complex renewable energy transactions and our continued leadership within the energy aggregation market were instrumental in shaping a solution that meets the project’s technical and financial needs.
The offtake for the project is secured through a Generation Power Purchase Agreement (GPPA) with Etana Energy, one of South Africa’s leading energy aggregators. Once operational, the Orkney project is expected to generate approximately 478GWh of renewable electricity each year, displacing over 500,000 tons of CO2 emissions annually—enough to power roughly 210,000 households. This milestone also advances Etana Energy’s rapid expansion, with more than 500MW of renewable energy projects closed over the past 12 months.
The transaction reinforces our long standing partnerships with credible sector participants and highlights our role in supporting South Africa’s evolving energy market. By enabling new capacity, strengthening grid resilience and contributing to sustainable development outcomes, we continue to bring our purpose - driving Africa’s growth - to life.