Standard Bank funds 3 Oasis 1 battery energy storage systems projects

The bank provided part of the ZAR 7 billion which the consortium raised in debt funding. Initially awarded in the first round of South Africa’s Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP), the projects are expected to be commissioned within 24 months and will contribute to the security of supply and stabilising the electrical grid in the country.  

The Oasis 1 portfolio comprises the following projects: 

• Oasis Mookodi (77MW capacity with 308MWh storage)
•  Oasis Aggeneis (77MW capacity with 308MWh storage) 
• Oasis Nieuwehoop (103MW capacity with 412MWh storage) 

The Oasis projects will operate under a 15-year power purchase agreement with South Africa’s public utility Eskom. The 3 projects amount to 257MW of capacity and 1028MWh of storage and are all located in the Northern Cape supply area.

“The Oasis complex is another key step in South Africa’s energy transition, demonstrating how innovation and strong partnerships can meet growing energy needs. Like an actual oasis, these systems will sustain and expand the country’s energy security. We are proud to have played a leading role as financier to these projects,” says Senior Vice-president for Energy and Infrastructure at Standard Bank Nicholas Knott-Craig. 

The projects will provide additional flexibility and stability to the South African electricity infrastructure, which add to improving grid stability. According to the state-owned power provider Eskom, the total energy shortage reached 14.4TWh in 2023.

“We continue to seek out opportunities that help move the country and Africa towards a more secure, diverse energy future as we continue to work to build this continent that we proudly call home,” concludes Knott-Craig.