British International Investment, Standard Bank and H1 Holdings back a South African renewable energy technology project

10 Aug 2022

According to a July 2022 press release, British International Investment (BII), Standard Bank, and H1 Holdings are backing a $1 billion renewable energy technology project in South Africa. The renewable energy project is expected to provide 540 megawatts (MW) of solar power capacity and 1.1 gigawatt hours (GWh) of battery storage capacity.

 

Construction to commence soon


“The project will be developed by Scatec ASA, a leading renewable energy solutions provider, under South Africa’s Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) and it is the first project to reach financial close under the programme. Construction of the project will now commence in the Northern Cape Province of South Africa following the financial close this week,” said BII.

 

Clean, affordable energy


When completed, the project will contribute to the production of cleaner and more affordable energy in South Africa, at a time when the country is facing regular rolling blackouts, and power cuts. 

“Standard Bank is honoured to be playing a leading role in delivering power to the grid by facilitating the first dispatchable and base load renewable energy project in South Africa, and supporting South Africa’s drive to energy security. This is not only about ensuring a reliable supply of power to citizens and a growing economy, but also in ensuring that we meet our obligations as a nation to reduce carbon emissions,” said Rentia van Tonder, Head of Power at Standard Bank.

At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.8 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform. 

Still have questions?

Our team is ready to help.

Get access to trusted and valuable data to inform your business decisions and open opportunities for growth.