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Standard Bank supports Seriti Green’s goal towards renewable energy solutions in Mpumalanga

05 Apr 2024

Country
South Africa
Year
2024
Sector
Energy and Infrastructure
Business Unit
Corporate and Investment Banking
Specific Role
Joint mandated lead arranger
Standard Bank is pleased to announce that it has successfully reached financial and commercial close on Seriti Green’s 155MW renewable energy wind project in Mpumalanga, the initial phase of the greater Ummbila Emoyeni facility.

Seriti Green is an independent power producer and subsidiary of coal miner Seriti Resources, which is championing the just transition to cleaner and sustainable energy sources in the communities that are most affected by the energy transition. The bank acted in its capacity as joint mandated lead arranger in the transaction and has committed project finance debt and equity into developing the 155MW wind farm as the initial phase of Seriti’s greater 900MW Ummbila Emoyeni project.

The timing of the energy project comes at a crucial time as several coal-fired power stations in South Africa owned by power utility Eskom approach the end of their life cycles and may be decommissioned. As a result, this project has been recognised as a strategic infrastructure project, championing the energy transition in the region. The first phase is expected to generate up to 800 jobs and supply electricity to Seriti Resources under a power purchase agreement signed in 2024.

Seriti Green is committed to continuing to play a crucial role in addressing energy challenges and uplifting communities, and this transaction represents a major move forward in South Africa's decentralised energy sector and a model example of ‘just energy transition’ project financing by the bank.

Standard Bank is proud to have participated in this collaborative effort with Seriti Green, which signifies a pivotal step towards a greener, more sustainable energy future for Mpumalanga. Read the full article here.