Standard Bank and its asset management subsidiary Stanlib are set to launch a renewable energy fund that aims to raise as much as $1 billion (almost R19 billion) over three to five years for investment in wind, solar and green hydrogen projects in SA and rest of the continent.
Kenny Fihla, the CEO of Standard Bank’s corporate and investment banking (CIB) unit, says Standard Bank will inject an initial R2 billion to seed the fund while Stanlib will allocate an additional R1 billion.
The aim is to crowd in additional funding from institutional investors and potentially development finance institutions with the ultimate ambition to grow the fund’s total assets.