Standard Bank signs R20bn deal with ICBC to fund renewable energy projects
Business Day Live
02 April 2013
STANDARD Bank has signed an agreement with Industrial & Commercial Bank of China to jointly offer R20bn in funding support for renewable energy projects in South Africa.
ICBC is Standard Bank’s single largest shareholder, with a 20% stake. The deal, which covers the period up till 2025, has an innovative structure to provide the funding out of the rand-denominated funds accruing to ICBC through its shareholding. Read more