17 April 2019

South Africa: Standard Bank Withdraws Funding of New Coal IPP Projects in SA

In a setback for coal-fired power generation and a victory for the renewable energy lobby, Standard Bank will not provide funding for two new independent coal-fired power stations. This follows similar announcements by Nedbank and FirstRand and is in line with new protocols announced by the Organisation for Economic Co-Operation and Development.

Further to information received from reliable sources in 2018, and published by EE Publishers in an article in September 2018, Standard Bank has now explicitly confirmed to EE Publishers in writing that "as things stand presently, Standard Bank is not involved in the financing of either the Thabametsi or Khanyisa [new coal IPP] projects".

This follows a media release on 15 April 2019 clarifying the Standard Bank Group's position on financing coal-fired power stations in Africa and globally.

In January 2019, Nedbank announced its decision to withdraw funding of the Thabametsi and Khanyisa coal-fired power stations, saying that its decision is in line with its commitment to "green" funding, responsible lending, and supporting sustainability initiatives. The bank said its initial proposal for funding the construction of the Thabametsi and Khanyisa independent power producers (IPPs) had lapsed and would not be renewed.

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