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Publish Date : 10-Apr-2013

A USD2 billion financial support agreement has been announced between Standard Bank Group and the Industrial and Commercial Bank of China (ICBC).

Ten solar photovoltaic projects in South Africa stand to benefit from the agreement.

The support is for renewable projects under round one and two of the 2 decade renewable energy independent power producer programme (REIPPP).

Although Standard Bank has funded more than $977 million of debt funding in the first round and would finance $652 million in the second round, Alastair Campbell, the bank's head of renewable fund and investment banking in South Africa, said: "At this point in time we have not decided which of the projects will benefit from the funding, but it is certainly our intention to bring ICBC into a number of the deals."

The Chinese ICBC views its foray into South Africa's renewable energy market as an opportunity to "raise awareness of the South African investment opportunity among Chinese suppliers as potential sources of contracting capability."

ICBC chairman Jiang Jianqing, said : "In addition, the objective of this partnership is to facilitate the entry of investors into South Africa, and ICBC is excited about the opportunity to co-lend into renewable energy with Standard Bank, ICBC's South African strategic partner, through to 2025."

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