Standard Bank plans to inject around $1.5 billion into South Africa’s economy by supporting green energy projects. The financier said most of the money would be appropriated for wind and solar projects in South Africa, but other African nations will receive support from Standard Bank.
Kenya’s Lake Turkana wind project will also have the bank’s support. The 310 MW project will see between $50 million to $70 million of investment from the bank. Mozambique’s Mphanda Nkuwa hydropower project could see around $3 billion of investment.
Standard Bank also incorporated renewable energy into its mainframe operations. In November, the Bank announced that it installed a hybrid solar water heating system at its head office in Johannesburg.