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.
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