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Standard Bank supports bidders in the procurement program

Standard Bank is underwriting approximately R8,2 billion of debt on various wind and solar mandates. Alastair Campbell, Standard Bank’s Head of Power Finance says: “Standard Bank supported a number of bidders in the Renewable Energy IPP procurement process for the first bid date in November. The mandated clients who succeeded in being awarded Preferred Bidder status comprise 367MW of wind and 238 MW of solar photovoltaic and will produce approximately 1 325 Gigawatt hours of renewable energy a year.”

Campbell says this represents a significant commitment from the bank to the establishment of a renewable energy sector in South Africa. The total allocation of 3625MW for the procurement process is likely to translate into approximately R75-billion of investment, with roughly R52-billion comprising debt. Bidding for these projects closed on 4 November 2011. The government announced preferred bidders for Bid Date 1 at the end of the COP 17 global climate conference which took place in Durban from 28 November to 9 December 2011. Campbell says Standard Bank has secured a number of further mandates to fund a variety of developers through the second Bid Date. The group has already financed five deals in other African countries worth $535-million which equates to approximately 500 megawatts worth of electricity.

Some of the consortia that Standard Bank supported on Bid Date 1 include Scatec, Basil Read, AE-AMD, Biotherm, Red Cap, Metrowind, ACED, Sun Edison and SARGE. In monst instances the bank intends to support these developers through the Bid Date 2 process which will be concluded on 5 March 2012.

Source: iol.co.za

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Standard Bank supports bidders in the procurement program

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