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AfrElec INVESTMENT AfrElec
Standard Bank pulls funding for
coal & oil power plants
AFRICA STANDARD Bank, South Africa’s biggest lender Standard Bank will cut funding of new oil-
in assets, says that it will stop financing all new fired power plant construction or expansion of
coal- and oil-fired plants as it plans to reduce existing oil plant capacity, unless these are a part
fossil fuel exposure as part of a plan to reach net- of an integrated renewable energy plant. It will
zero by 2050. reduce loans for oil exploration and production
This comes as the financial services sector by 5% by 2030, and cut financing to power gen-
prepares to meet net-zero targets set in attempts eration clients who use majority oil to zero by
to contain global warming effects, reports 2030.
bizcommunity. The bank’s exposure to thermal coal is to fall
“The group is committed to balancing the by 0.5% by 2030 from 0.7% of its lending book
risks posed by climate change with the need to in 2020 and reach zero by 2050. Meanwhile, oil
support access to reliable energy that supports exposures are to drop to 0.53% from 0.65% by
economic growth and poverty alleviation,” the the end of the decade, and to 0.09% by 2050. Gas
bank said. exposure will grow until 2030.
Tlou, Zismo partner on
transmission line construction
for Botswana’s Lesedi project
BOTSWANA TLOU Energy, a Botswana-based clean energy as well as exploring further ways of monetising
company, has signed a contract for the construc- Lesedi’s enormous gas reserves.
tion of a transmission line with Zismo Engineer- “Commencement of transmission line con-
ing, a local electrical engineering contractor to struction represents a new and exciting phase
connect the Lesedi power project to the national for the company aimed at delivering on our huge
electricity grid. gas-to-power potential and starting the moneti-
The 100 km-long overhead power line will sation process for our considerable gas reserves,”
run from Lesedi and join the grid at the Serowe Gilby said.
township. The 66kV transmission line will “Tlou has 100% ownership of a very large
supply up to 25MW to the grid. The project is quantity of gas which will become increasingly
expected to be completed in 15 months. valuable with time as a cleaner and reliable
The first tranche of funding for the line con- energy source in this part of Africa. Step by step,
struction was secured from the Botswana Public we are making solid progress towards becoming
Officers Pensions Fund (BPOPF). According to a leading clean energy supplier in the region,” he
Tlou managing director Tony Gilby, the com- added.
pany is lining up additional power off-takers
Week 11 17•March•2022 www. NEWSBASE .com P7
