Standard Bank backs TotalEnergies’ major hybrid renewable project

Located in the Northern Cape, the TotalEnergies Hydra Storage Project consists of a 216MW solar PV and 450MWh battery energy storage that will make available 75MW of dispatchable power every day from 5:00am to 9:30pm for 20 years and relieve pressure on the national power grid. The project reached financial close in December and is expected to come online in 2025 as part of the Risk Mitigation Independent Power Producer Procurement Programme led by the Department of Mineral Resources and Energy.

The bank acted in its capacity as lead arranger, hedging bank, agent bank and legal documentation bank to provide the client with a well-rounded service team that was instrumental to navigating a complex transaction.

This transaction is aligned with Standard Bank’s commitment to support renewable energy projects across Africa and pledge to mobilise between R250 billion and R300 billion by 2026 for sustainable finance solutions, including lending, underwriting and arrangement activities. As Africa’s largest bank, we are committed to playing a pivotal role in ensuring that we can support projects that will enhance the country's energy infrastructure and provide more reliable energy solutions for people and communities across the continent. 

“Our clients are independent power producers that not only have plugged energy into the grid but have a pipeline of projects that will further enhance southern Africa’s energy potential,” said Standard Bank Executive and Head of the Power Sector, Client Coverage Rentia van Tonder.

In addition to providing an innovative energy solution, this project will also benefit surrounding communities in other ways, including job creation and skills development. Read the full article here.