Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Standard Bank to Fund $1 Billion of Wind, Solar Plants

Dec. 8 (Bloomberg) -- Standard Bank Group Ltd., Africa’s largest lender, underwrote more than 8.2 billion rand ($1 billion) of wind and solar projects in the first round of South Africa’s $12 billion renewable energy program.

The government yesterday approved 28 projects to add 1,416 megawatts as the power-short country expands generation capacity while reducing its reliance on coal-fired power.

Standard Bank underwrote 605 megawatts, or about 43 percent of the total, in the 26 billion-rand first round, Alastair Campbell, head of power finance at Johannesburg-based Standard, said by phone today. It’s one of the largest, if not the largest lender in the first round, Campbell said.

Nedbank said yesterday it underwrote about 6 billion rand.

“All the indications are that we are going to be twice as busy on bid day two,” he said. The deadline for bids to be submitted in the second round is in March. Standard underwrote 3.7 billion rand of wind projects and 4.6 billion rand of photovoltaic solar plants in the first round.

South Africa invited bids on Aug. 3 to add 3,725 megawatts by the end of 2016 and at an estimated cost of $10 billion to $12 billion, Department of Energy Director General Nelisiwe Magubane said Aug. 31. State-owned Eskom Holdings SOC Ltd. has a virtual monopoly on electricity supplies, accounting for about 95 percent.

The first project approvals mean that “private sector coming into the market is happening,” Campbell said. “It’s been talked about for a long time. It’s the first large-scale step that hopefully signifies that there will be more.”

Standard Bank is providing funding for the 75 megawatt Solar Capital De Aar (Pty) Ltd. project and 135 megawatts ACED Cookhouse wind project among others.

To contact the reporter on this story: Carli Lourens in Johannesburg at

To contact the editor responsible for this story: John Viljoen at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.