Standard Bank, Africa’s largest commercial bank, is reinforcing its dedication to a sustainable energy future by contributing $20 million to a $50 million construction debt facility established between CrossBoundary Energy (CBE) and the Facility for Energy Inclusion (FEI) in June. Managed by Cygnum Capital, FEI played a crucial role as the lead arranger for the debt facility, facilitating CBE’s expansion of its commercial and industrial (C&I) renewable energy portfolio throughout Africa.
CBE specializes in providing customized, fully financed renewable energy solutions to corporate clients, sparing them from upfront capital expenditure and technical risks. This approach allows clients to enjoy cost-effective, cleaner, and more dependable power. Collaborating closely with partners, CBE tailors renewable energy solutions to meet client needs, encompassing the design, construction, financing, and maintenance of renewable energy installations.
In pursuit of further financial support, CBE is actively engaging in discussions with senior lenders and anticipates finalizing a substantial senior debt facility in early 2024.
Emphasizing its commitment to a green future, Standard Bank remains a stalwart supporter of renewable energy, allocating approximately $989 million across diverse debt initiatives. The bank’s overarching vision is crystal clear: to foster collaborations with enterprises championing renewable energy, steering Africa toward a sustainable energy landscape.
Jeanne-Marie Fatti, Senior Vice President at Standard Bank South Africa, affirms, “This debt facility underscores our commitment to ensuring energy security and our strategic drive to fund decentralized energy on the continent. It empowers CBE to consistently deliver affordable, clean, and reliable grid-tied or captive Independent Power Producer (IPP) renewable energy solutions to commercial and industrial clients across Africa. At Standard Bank, we persist in propelling Africa’s growth through sustainable solutions that positively impact the continent.”
