Standard Bank, a Johannesburg-based financial services company run by South African banker Sim Tshabalala, has partnered with Meridiam, an independent investment group, to increase investment in Africa’s energy infrastructure. This alliance intends to expand potential for alternative energy on the continent by expanding on prior collaborations.
Standard Bank will cooperate with Meridiam to invest in Africa’s alternative energy infrastructure, with an emphasis on funding renewable energy projects across the continent. Standard Bank will use its broad footprint and expertise in African markets, while Meridiam adds funding and operational experience in establishing sustainable infrastructure projects.
Meridiam has been expanding its African activities since 2015, with an emphasis on renewable energy and infrastructure. The acquisition of BTE Renewables’ 250 MW wind and solar assets in Kenya last year was a significant milestone, complementing the company’s focus on African sustainable development.
Meridiam collaborated with Standard Bank to conduct an event titled “Unlocking Public Infrastructure Investment in South Africa,” which emphasized alternative energy alternatives to support economic growth and line with Africa’s environmental goals.
Zen Dlamini, Head of Public Sector and Infrastructure at Standard Bank, stressed the significance of the cooperation, adding, “With our vast reach across Africa, we seek partners who share our vision for the continent’s development. This gathering recognizes our accomplishments and sets the stage for future collaboration.”
The occasion coincided with the signing of South Africa’s power Regulation Amendment Act, which aims to boost private sector participation in the power market.
Standard Bank is Africa’s largest lender by assets and the third-largest financial services business in East Africa, with operations in 19 countries other than South Africa, including Uganda, Tanzania, the Democratic Republic of the Congo, Kenya, South Sudan, and Ethiopia. With a market value of approximately $23 billion on the Johannesburg Stock Exchange (JSE), the bank is a major player in the continent’s financial industry.
Standard Bank, led by Sim Tshabalala, is growing its footprint in Sub-Saharan Africa and exploring new markets. Despite macroeconomic and geopolitical problems, the bank reported a solid first half of 2024, with headline earnings increasing by 4% to R22 billion ($1.22 billion) from R21.1 billion ($1.17 billion).
Standard Bank and Meridiam have reaffirmed their cooperation, with the goal of shaping Africa’s infrastructure landscape and driving the continent’s long-term development. Both organizations will pursue large-scale projects that promote economic growth and address crucial energy concerns across Africa.