China joins $2bn South Africa fund

In this photo taken Sunday, Jan. 31, 2010, a wind turbine is used to generate electricity near the small town of Darling situated on the outskirts of Cape Town, South Africa. Across the world renewable energy sources are being tested, including wind turbines for generating electricity. (AP Photo/Schalk van Zuydam)

The finance will encourage more wind farms like this one near Cape Town

Standard Bank has signed a 20bn rand ($2.18bn) agreement with the Industrial and Commercial Bank of China (ICBC) to jointly fund renewable energy projects in South Africa.

ICBC is Standard Bank’s single largest shareholder with a 20% stake. Johannesburg-based Standard Bank has already provided financing for a number of wind and solar projects.

Two rounds of renewable energy tenders have been completed so far, and the winners of the third round are due to be announced soon, Standard Bank says.

The bank says the 20bn rand funding agreement will be jointly run by the two partners and used to provide debt financing on a project-by-project basis.

“ICBC is…certainly interested in raising awareness of the South African investment opportunity among Log in to read complete article.

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