Standard Bank powers Northam Platinum's sustainable future with 140MW wind project financing

Northam is an independent, integrated Platinum Group Metals producer and is committed to growing production while minimising its impact on environment or minimising its greenhouse gas “GHG” footprint. Northam’s primary products—platinum, palladium and rhodium—are crucial for various industries, including motor manufacturing, jewellery and other industrial sectors.  

Standard Bank acted as co-Mandated Lead Arranger, co-Hedging Bank and Account Bank. The bank together with Northam structured a comprehensive financing solution that helps the client achieve its objective of having a reliable and sustainable power supply.

This 140MW wind project directly supports Northam’s strategy to reduce operational risk and embrace sustainable energy solutions. The strategically located wind farm will supply electricity to Northam’s operations through a 20-year power purchase agreement via a wheeling arrangement. Developed by G7 Renewable Energies (Pty) Ltd and Cennergi Holdings Pty (Ltd) (a subsidiary of Exxaro Resources), the project showcases a collaborative approach to renewable energy development. This represents a significant milestone in South Africa’s renewable energy landscape and demonstrates the transformative potential of collaborative partnerships.

This project underscores the growing importance of renewable energy in the mining sector and its potential to drive positive change beyond environmental benefits. Beyond generating clean energy, the project will create approximately 1 030 construction jobs and 17 permanent operational roles, driving local employment and skills development.

By transitioning to wind power, Northam benefits from predictable energy costs, reduces its reliance on fossil fuels and contributes to a lower carbon future. The initiative aligns with global best practices in environmental, social, and governance (ESG) standards, enhancing Northam's sustainability profile and long-term value creation.

The successful financial close of this project reinforces Standard Bank's position as aleading financiers of renewable energy projects in Africa. The bank remains dedicated to supporting clients such as Northam in their journey towards a more sustainable and prosperous future.