Standard Bank Champions Renewable Energy Transition in Africa with $20M Commitment to CrossBoundary Energy

Demonstrating its ongoing commitment to a sustainable energy future, Standard Bank, Africa’s largest commercial bank is contributing $20 million as part of a $50 million construction debt facility agreed between CrossBoundary Energy and the Facility for Energy Inclusion (“FEI”) in June this year. FEI, managed by Cygnum Capital (formerly Lion’s Head Group), is the lead arranger for the debt facility which has been instrumental in supporting CrossBoundary Energy’s (“CBE”) efforts to scale its commercial and industrial (“C&I”) renewable energy portfolio across Africa.

CBE provides tailored, fully financed renewable energy solutions to its corporate customers allowing them to avoid upfront capital expenditure and technical risks, whilst still benefitting from cheaper, cleaner, and more reliable power. Through close collaboration with its partners, CBE provides renewable energy solutions that adapt to the needs of their clients including designing, building, financing, and maintaining renewable energy installations.

CBE is continuing ongoing discussions with senior lenders, in the expectation of closing a material senior debt facility early in 2024.

Reiterating the organisation’s dedication to a green future, Standard Bank continues its support for renewable energy, allocating approximately $989 million across varied debt initiatives. The bank’s vision remains clear: to foster collaborations with enterprises that champion renewable energy, propelling Africa’s journey towards a sustainable energy landscape.

Jeanne-Marie Fatti, Senior Vice President at Standard Bank South Africa says, “This debt facility showcases our commitment to ensuring energy security and our strategic drive to fund decentralised energy on the continent. This facility will enable CBE to continue to provide reasonably priced, clean and reliable grid-tied or captive IPP renewable energy solutions to commercial and industrial clients across Africa. At Standard Bank, we continue to drive Africa’s growth through sustainable solutions that have a positive impact for the continent.”