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Key Points
- Standard Bank deepens partnership with Meridiam to enhance alternate energy infrastructure across the continent, reflecting a shared vision for sustainable growth.
- This strategic alliance will commit both companies to exploring opportunities in other African countries where energy infrastructure is crucial for development.
- Standard Bank reports a 4% rise in headline earnings in H1 2024, d facing macroeconomic and geopolitical challenges.
Standard Bank, a Johannesburg-based financial services giant led by South African banker Sim Tshabalala, has teamed up with Meridiam, an independent investment firm, to enhance investment in Africa’s energy infrastructure. This partnership aims to unlock opportunities in alternative energy on the continent, building on previous collaborations.
Under the terms of the arrangement, Standard Bank will continue to collaborate with Meridiam to drive investment into Africa’s alternative energy infrastructure, focusing on financing renewable energy projects across the continent. Standard Bank will leverage its extensive footprint and expertise across African markets, while Meridiam brings its investment and operational experience in developing sustainable infrastructure projects.
Shared vision for renewable energy infrastructure on the continent
Since 2015, Meridiam has expanded its interests in Africa, focusing on renewable energy and infrastructure. A key achievement came last year with the acquisition of BTE Renewables' 250 MW wind and solar assets in Kenya, supporting its focus on sustainable development in Africa.
Meridiam partnered with Standard Bank to host an event titled “Unlocking Public Infrastructure Investment in South Africa,” which highlighted alternative energy opportunities aimed at boosting economic growth, aligning with Africa's sustainability objectives.
Zen Dlamini, Standard Bank's Head of Public Sector and Infrastructure, emphasized the partnership’s significance, saying, “With our extensive footprint across Africa, we seek partners who share our vision for the continent’s development. This event honors our achievements and paves the way for future collaboration.”
The event coincided with the signing of South Africa's Electricity Regulation Amendment Act, aimed at increasing private sector participation in the electricity market.
Africa’s largest bank by assets expands footprint under Tshabalala
Standard Bank, Africa's largest lender by assets and third-largest financial services group in East Africa, operates in 19 countries outside South Africa, including Uganda, Tanzania, the Democratic Republic of Congo, Kenya, South Sudan, and Ethiopia. With a market capitalization of over $23 billion on the Johannesburg Stock Exchange (JSE), the bank is a key player in the continent’s financial sector.
Under Sim Tshabalala, Standard Bank is expanding its presence in sub-Saharan Africa and exploring new markets. Despite macroeconomic and geopolitical challenges, the bank reported a resilient first half of 2024, with headline earnings rising 4 percent to R22 billion ($1.22 billion) from R21.1 billion ($1.17 billion).
With Standard Bank and Meridiam reaffirming their partnership, aiming to shape Africa's infrastructure landscape and drive the continent's sustainable development, Both organizations will advance large-scale projects that foster economic growth and address critical energy challenges across Africa.
