Standard Bank Backs South Africa’s Energy Transition with R4.9bn Wind Investment
Standard Bank, Africa’s largest bank by assets, has announced the financial close of the second phase of Seriti Green’s Ummbila Emoyeni Wind Project in Mpumalanga, securing a major step forward in South Africa’s Just Energy Transition.
Acting as joint mandated lead arranger, Standard Bank played a central role in arranging the R4.9 billion project financing, contributing R2.45 billion in senior project finance debt. The bank also invested R330 million in equity, alongside shareholder funding, to deliver the 155MW Ummbila Emoyeni 3 wind farm.
The latest phase doubles Seriti Green’s installed capacity to 310MW, following the successful completion of phase one in 2024. Once operational in the second half of 2027, the wind farm will supply power exclusively to Energy Exchange of Southern Africa (EXSA), a subsidiary of Remgro. This marks EXSA’s first secured utility-scale generation project, signalling a major new entrant in private energy trading.
Nicholas Knott-Craig, Executive for Energy and Infrastructure Finance at Standard Bank, said: “The partnership with Seriti Green is in line with our commitment to South Africa’s Just Energy Transition. By supporting renewable energy rollout in Mpumalanga, we are contributing to a clean, secure, and inclusive energy future while sustaining the economy.”
The project is one of the largest privately led wind developments in the country, with an additional 465MW planned for future expansion. Beyond clean energy generation, the development will create over 800 jobs during construction and provide youth skills training to prepare local communities for careers in the renewable sector. Local businesses are also expected to benefit through procurement and service opportunities.
Peter Venn, Chief Executive Officer of Seriti Green, praised the partnership: “Standard Bank has been the leading financier on all of Seriti Green’s projects to date. Their support has been critical to our journey of transitioning from coal towards renewable energy, in alignment with South Africa’s Net Zero ambitions.”
Mpumalanga, historically dependent on coal mining, is set to benefit from the economic diversification that projects such as Ummbila Emoyeni bring. The initiative aligns with national and global climate goals while promoting inclusive growth and community empowerment.
Knott-Craig added: “It gives us immense pride to support Seriti Green in bringing one of South Africa’s largest wind farms to life while elevating new energy participants across the sector.”
