SBK puts up R19bn to finance renewable energy projects

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Danette Breitenbach

According to International Business Times, the South African government concluded a second round of bidding to develop renewable energy projects during the first week of March 2012.

While final results have yet to be disclosed, Standard Bank Group (SBK), the largest lender on the African continent, agreed to provide financing, worth as much as R19 billion, for 31 renewable energy projects, in addition to the R8.2 billion it agreed to finance in a first round of bidding, which took place last November.

A total of 79 bids were received in the second round of renewable energy project bidding. The Department of Energy expects to finish evaluating the bid by May 11. Alastair Campbell - SBK's head of power finance - told Bloomberg News that Standard Bank South Africa agreed to provide senior debt underwriting to wind and solar photovoltaic (PV) projects with a total generating capacity of 1,454 MW. Campbell added that the second round was more competitive than the first, squeezing everyone's margins, which bodes well for electricity consumers in South Africa, International Business Times reports.

Read the full article on www.ibtimes.co.uk.