Standard Bank has signed a R7 billion funding deal with Mulilo Energy Holdings to help the company build new renewable energy and battery storage projects across South Africa.
The arrangement includes an initial commitment of R1,1 billion to meet immediate equity requirements, with a further R5,9 billion available as the security pool grows. “Unlike traditional project-specific financing, the facility has been designed to support Mulilo’s strategic expansion across multiple projects, including equity participation and guarantees,” Standard Bank says in a statement. Standard Bank is acting as sole lender and agent on the facility.
“Through this collaboration, we can accelerate renewable energy projects that will drive South Africa’s transition and deliver sustainable value to communities and shareholders,” says Mulilo Chief Executive Officer Jan Fourie.
Earlier this year, Mulilo was named preferred bidder for four BESS projects in the Free State, totalling 493 MW/1 972 MWh in addition to nine other large-scale renewable projects progressing toward financial close.
