Standard Bank lends its support to 3 key renewable energy projects
22 Jun 2022
Country
South Africa
Year
2022
Sector
Energy and Infrastructure
Business Unit
Corporate and Investment Banking
As a bank that is committed to supporting the development of renewable energy projects, Standard Bank is proud to announce that it has successfully supported 3 independent electricity generation projects signed into Government’s 2 000MW Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), together with British International Investment.
Standard Bank acted in its capacity as a mandated lead arranger and underwriter to support Scatec and H1 Holdings in bringing 3 renewable solar and battery storage projects valued at over R16 billion that each target 50MW of dispatchable generation capacity.
These projects are a first of their kind to be financed in South Africa. They combine renewable energy solutions with battery storage, thus reducing South Africa’s reliance on carbon-intensive coal and diesel power plants for dispatchable power.
South Africa has struggled with insufficient energy infrastructure for years now, and there has been an ever-growing need for sustainable energy solutions for the country. Projects such as these which allow for base load power to be delivered to the grid will play a crucial role in ensuring that more South African citizens and South African businesses have access to reliable electricity supply, which should result in increased economic activity.
The Standard Bank Group has also committed to mobilising between R250 billion and R300 billion for sustainable finance by the end of 2026, which will include R50 billion of financing for renewable energy, and underwriting a further R15 billion for renewable energy by the end of 2024.
Find out more about how these 3 projects will impact South Africans and their access to reliable energy supply.