https://www.engineeringnews.co.za
Africa|Building|Business|Business Growth|Coal|Energy|Financial|PROJECT|Renewable-Energy|Services|Solar|Storage|Sustainable|Solutions|Environmental
Africa|Building|Business|Business Growth|Coal|Energy|Financial|PROJECT|Renewable-Energy|Services|Solar|Storage|Sustainable|Solutions|Environmental
africa|building|business|business-growth|coal|energy|financial|project|renewable-energy-company|services|solar|storage|sustainable|solutions|environmental

R600m financing facility to support S Africa’s renewables landscape

LYDIA ZHANG
The strategic financial package is set to enable more South Africans to access affordable solar energy solutions

LYDIA ZHANG The strategic financial package is set to enable more South Africans to access affordable solar energy solutions

22nd March 2024

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

Financial services firm Standard Bank and China National Building Materials International (CNBM) have concluded a R600-million sustainable finance solution.

The strategic financial package, comprising a R500-million invoice financing facility and a R100-million working capital facility, is set to enable more South Africans to access affordable solar energy solutions, says Standard Bank China segment head for South Africa and core markets Lydia Zhang.

“The finance solution provided supports both positive environmental and social impact across the continent, including supporting the continent’s just energy transition (JET). With most of South Africa’s energy being generated from coal, providing accessible and affordable renewable-energy alternatives is a key pillar to enabling the country’s JET,” she adds.

The transaction marks Standard Bank’s first sustainable finance invoice financing facility with a client and requires CNBM to report yearly on key impact metrics, underscoring the project’s emphasis on sustainable outcomes. This collaboration also aligns with CNBM’s growth and sustainability objectives.

By facilitating the transition to renewable-energy sources, Standard Bank intends to reinforce its commitment to fostering a sustainable future.

Further, in terms of its climate policy (initially published in 2022), the bank has pledged to mobilise more than R250-billion in sustainable finance from 2022 to 2026, showcasing the transaction with CNBM as one of the examples of its commitment to fostering positive environmental and social impacts.

The customised solution caters to CNBM’s finance requirements, addressing multi-currency procurement needs while incorporating trade finance to optimise working capital cycles and embedding sustainability into the solution.

“This approach not only supports clients’ business growth needs but also integrates sustainability into the financial solution, underlining Standard Bank’s role in enabling high-quality solar and energy storage solutions vital for South Africa’s JET,” Zhang says.

She adds that, through such financial partnerships, the bank demonstrates its ability to assist clients across various sectors, offering tailor-made sustainable finance solutions that support their unique transition needs, thereby contributing significantly to the continent's sustainable development trajectory.

Edited by Nadine James
Features Deputy Editor

Comments

 

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 17 May 2024
17th May 2024
Photo of Martin Creamer
On-The-Air (10/05/2024)
10th May 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.414 0.464s - 163pq - 2rq
Subscribe Now