4 October 2013
ICBC has provided more than R180-million financing to a 27MW wind project near Nelson Mandela Bay, Eastern Cape, South Africa, in which Standard Bank Group acted as the mandated lead arranger.
“ICBC’s successful disbursement of more than R180 million to one of our Bid Date 1 wind projects is confirmation of their willingness to mobilise funding under the R20bn Funding Support Agreement, which was signed by ICBC Chairman Jiang Jianqing and Standard Bank Group Joint Chief Executive Ben Kruger in March 2013,” says Mr George Kotsovos, Head of Power and Infrastructure Finance at Standard Bank Group.
Mr Kotsovos says that Standard Bank Group was also working closely with ICBC in co-financing a number of other renewable energy projects in South Africa.
“This is ICBC’s first rand deal across the globe. We believe that ICBC’s appetite in providing rand financing to South African renewable projects surely will be warmly welcomed by Chinese renewable companies, many of which are ICBC’s existing strategic clients who are viewing South Africa as an attractive destination for renewable energy contracting and equity investment,” says Mr Fan Bing, Managing Director, Business Origination Debt Advisory, Standard Advisory (China) Limited, a subsidiary of Standard Bank Group.
IBCB (http://www.icbc-ltd.com) holds a 20% stake in Standard Bank Group.