Standard Bank backs 500-MW-worth of decentralised electricity projects post reforms
Standard Bank reports that it has provided funding to South African decentralised electricity projects with a combined capacity of more than 500 MW over the past two years, following regulatory changes allowing such projects to proceed without a licence.
Operation Vulindela, which oversaw the regulatory reforms, reported recently that the pipeline of private renewables projects currently stood at 22 500 MW and that efforts were being made to remove the grid-related bottlenecks to unlocking further investment.
In 2022 and 2023 alone, the bank says it financed decentralised projects with a capacity of 368 MW, including three utility-scale developments.
It listed these as being a solar PV facility at African Rainbow Minerals' platinum operations able to produce 270 GWh yearly and developed by the Sola Group and African Rainbow Energy and Power, the 68 MW Cennergi Lephalale solar project to power Exxaro’s Grootegeluk coal mine, and Seriti Green’s 155 MW wind project, which is under construction.
Standard Bank head of power Rentia van Tonder says developments under way in the market, including provisions in the Electricity Regulation Amendment Act for power traders and aggregation, will drive decentralised energy models in South Africa.
“We are seeing businesses investing in wheeled power solutions through aggregation or bilateral arrangements, combining those with off-grid solutions, where relevant, towards energy security.”
However, the bank notes that it also remains active in the public procurement of renewable energy, having committed over R250-billion to projects procured under the Renewable Energy Independent Power Producer Procurement Programme since its inception in 2011.
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