Standard Bank-ICBC deal to fund South Africa renewables


Standard Bank has signed a R20bn ($2.16bn) funding support agreement for renewable energy projects in South Africa with the Industrial and Commercial Bank of China (ICBC). ICBC is Standard Bank’s largest shareholder with a 20% stake. The deal is structured to provide the funding out of ICBC’s rand income, and aims to promote the use of renewable energy in South Africa in support of the government’s renewable energy programme, as well as raising awareness among Chinese suppliers.