Zimbabwe: Stanbic Bank, Saz in Zar7 Million Solar Plant Deal

3 July 2019

Leading financial services institution, Stanbic Bank, has facilitated the construction of a ZAR7 million, 190kw solar plant for Standards Association of Zimbabwe (SAZ).

Stanbic Bank Head of Personal and Business Banking Patson Mahatchi, said that the bank supported SAZ with the foreign currency required in the importation of all the necessary components.

Mahatchi said Stanbic Bank appreciates the call to invest in sustainable energy as part of their Social-Economic and Environmental (SEE) strategy aimed at aligning its business function with social and environmental development and conservation for sustainability purposes.

"As part of Standard Bank Group, one of our major concerns is the development of Africa as a whole, hence, our commitment to partnering and cooperating with strategic organizations who require our expertise and investment capabilities especially in areas of common interest. Power generation is one of our areas of great interest and we are ready to commit to sustainable development projects in this regard," said Mahatchi.

He said as a proactive bank, Stanbic understands the importance of sustainable energy especially in view of the fact that it meets present needs without compromising the ability of future generations to meet their own needs.

SAZ Director General, Eve Gadzikwa, said the association was grateful to Stanbic Bank for facilitating access to foreign currency to set up the plant which is situated at their Head Office in Harare.The Association is currently utilizing only 50MW per day and is open to feeding the excess power into the national grid.

"As an association, we are cognizant of the fact that sustainable energy is the route to take hence we appreciate this partnership.

"The solar stands were constructed in the car park and the panels also serve as parking shades making it a multi-purpose set up. We are open to the strategic idea of feeding the excess power into the national grid, should authorities approve" said Gadzikwa.

Stanbic Bank continues to play a key role in funding power projects in Zimbabwe. Late last year they financed the Hwange Thermal Power Station expansion which is expected to add 600MW of base load power to the country.

The bank also financed the Kariba South Power Project to the tune of US$120 million in 2016.

Eve GadzikwaPower ProjectSAZStanbic Bank

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