Partnering EDF Renewables to boost SA’s Renewable Energy Sector
14 Nov 2022
Country
South Africa
Year
2022
Sector
Energy and Infrastructure
Business Unit
Corporate and Investment Banking
Specific Role
Lead arranger and debt facility provider
Standard Bank has acted as the mandated lead arranger and debt facility provider for EDF Renewables to secure financial close on 2 wind-powered renewable energy generation projects within the first round of the Renewable Energy Independent Power Producer Programme (REIPPP) Bid Window 5.
As mandated lead arranger, Standard Bank provided term debt, debt service reserve funds and VAT facilities, and were able to utilise their deep sectoral knowledge and strong client relationships to ensure the conclusion of the 2 wind energy facility (WEF) deals this year, the first to be concluded within Bid Window 5.
The deals will allow EDF Renewables, along with partners H1 and Gibb-Crede, to begin construction on 2 WEFs on the boundary between the Western Cape and Northern Cape, with construction on a third facility expected to begin following the conclusion of a deal in January 2023. In total, these projects are expected to contribute 420MW of renewable energy to the grid.
In addition to making a significant positive impact on South Africa’s energy security, EDF Renewables is also driving economic empowerment through job creation. The company has committed to creating 400 full-time jobs across multiple construction projects as well as 35 full-time operational jobs once projects are complete.
By enabling these deals, Standard Bank is proud to demonstrate their ongoing commitment to driving sustainable growth in South Africa’s energy sector and the economy as a whole.
Read more about our partnership.