from SAMBULO DLAMINI in Mbabane, Eswatini
Eswaziland Bureau
MBABANE, (CAJ News) – STANDARD Bank has announced the close of a R567 million (US$29,95 million) deal to fund Eswatini’s 13,5MW Lower Maguduza hydropower project.
The project was sponsored and developed by African Clean Energy Developments (ACED) with the African Infrastructure Investment Managers (AIIM) managed IDEAS Fund and Eswatini Public Service Pensions Fund (PSPF) as shareholders.
ACED will continue to provide construction management services, with sister company Energy Infrastructure Management Services (EIMS Africa) being both the contractor and the operations phase management services provider to the project.
The project enables Eswatini to achieve its ambitions of energy security by generating power internally from its natural resources rather than relying on imports.
“As the leading banking partner for the renewables sector in Eswatini, the financing of this project reaffirms our commitment to driving the energy transition across this continent which we call home,” said Barry Schutzler, Head of Corporate and Investment Banking for Eswatini at Standard Bank.
Eswatini imports about 80 percent of its power primarily from South Africa and Mozambique with 65 percent of its imported power specifically coming from Eskom.
The Lower Maguduza project is one of the first independent power producers to close in Eswatini.
“In addition to energy security for Eswatini, this project will also create jobs and support development locally,” said James Cumming, Chief Executive Officer of ACED.
– CAJ News