StanChart pledges $300 billion for green energy

• This commitment comes at a time when Africa is pushing to electrify 300 million people by 2030. Access to capital remains a challenge for many energy companies, and StanChart is seizing the opportunity to tap into this growing market.

• The UK-based lender has been active in financing renewable energy projects and was amongst the first banks to venture into this sector. It aims to be net zero in its financed emissions by 2050 and in its own operations by 2025.

• Our take: With renewable energy technology now more mature and less risky than before, more banks should enter this market… Read more (2 min)

SA-based mining company signs a 230 MW PPA

• The PPA will provide electricity generated by the Overberg Wind Farm, construction of which is expected to begin in the first half of 2025, with the first energy flow targeted for December 2026. In 2022, RBM signed a 130 MW PPA for solar PV, and in 2024, a 140 MW PPA for wind power.

• Together, these three PPAs will reduce RBM’s Scope 1 and 2 emissions by approximately 60%, or 1.4 million tonnes of CO2 equivalent. The company aims to achieve net-zero targets by 2050 and is pursuing additional renewable energy sources.

• Our take: Rising electricity prices and pressure for sustainable mining are the main factors driving mining companies to adopt renewable energy sources… Read more (2 min)

Kenya Power posts $8.5m half-year net profit

• The company made an $8.5 million loss in the half-year period ending December 2023 and a $7.3 million loss in 2021 as it faced challenges with debt and liquidity, which impacted its profitability.

• Kenya Power is expecting the lifting of the moratorium on power purchase agreements. This will pave the way for more renewable energy generation projects, allowing the injection of cheaper renewable electricity into the grid.

• Our take: By focusing on renewable energy in its generation mix, Kenya Power can lower electricity costs… Read more (2 min)

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