Standard Bank secures R1.92bn equity deal to power Africa’s largest hybrid renewable energy project
Standard Bank, the parent company of Stanbic Bank Ghana, has successfully arranged a R1.92 billion (US$110 million) equity financing deal to support H1 Holdings, a leading Black-owned infrastructure investment firm, in one of Africa’s most ambitious renewable energy projects.
The financing, structured and executed by Standard Bank’s Corporate and Investment Banking division, will facilitate the exit of key investors British International Investment (BII), the Industrial Development Corporation (IDC) and Norfund. The transaction is underpinned by H1 Holdings’ 49 per cent stake in the Kenhardt hybrid battery and solar risk mitigation projects, which together form Africa’s largest hybrid renewable energy cluster and one of the biggest of its kind globally.
Calvin Alwar, Deal Lead for Structured Capital at Standard Bank, said the transaction demonstrates the bank’s capacity to design complex financial solutions that drive infrastructure growth and sustainable energy development. “The transaction demonstrates our role in structuring complex equity financing solutions that aim to support infrastructure development and deliver value to stakeholders,” he stated. “We are proud to have partnered with H1 Holdings on this and look forward to collaborating further on this transformative project as they continue to shape the future of energy in Africa.”
Hybrid renewable systems combine multiple energy sources, such as solar and battery storage, to ensure continuous power generation and reduce the risk of outages. Although such systems lower carbon emissions and strengthen grid reliability, they demand sophisticated control technologies and innovative financial structuring due to high capital costs and tight project timelines.
The Kenhardt project, located in South Africa’s Northern Cape, integrates large-scale solar generation with advanced battery storage, marking a significant step toward achieving energy security and climate goals on the continent.
H1 Holdings, the beneficiary of the financing, is a 100 per cent Black-owned infrastructure investment and development company dedicated to producing cleaner energy and improving lives through sustainable power generation. The company’s portfolio spans 24 energy projects with a total generation capacity of approximately 2.8 gigawatts and 1.14 gigawatt-hours of storage capacity.
Jonathan Muller, Head of Asset Management at H1 Holdings, praised the partnership, describing it as a milestone in the company’s mission to scale up renewable energy delivery. “We are thrilled to partner with Standard Bank on this milestone transaction,” he said. “Their expertise in the energy sector, innovative approach to structuring, and unwavering commitment to our objectives enabled a novel technical solution that made this deal possible. Kenhardt is a flagship project for us, and this financing solution ensures we can continue to deliver sustainable energy solutions at scale.”
The deal reinforces Standard Bank’s growing influence in financing Africa’s energy transition and its commitment to supporting inclusive, sustainable infrastructure projects across the continent.