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Standard Bank signs renewable energy financing pact with ICBC

04 April 2013

Standard Bank has signed a financing agreement with ICBC for renewable energy projects.

Read more: Standard Bank South Africa Industrial and Commercial Bank of China ICBC China renewable energy projects Jiang Jianqing Ben Kruger innovatively structured

South Africa’s Standard Bank Group has signed a R20 billion ($2.2 billion) funding support agreement for renewable energy projects in South Africa with the Industrial and Commercial Bank of China (ICBC).

The agreement was signed by ICBC chairman Jiang Jianqing and Standard Bank Group joint chief executive Ben Kruger.

ICBC is Standard Bank's single largest shareholder with which it has a 20% shareholding. The deal is innovatively structured to provide the funding out of rand money accruing to ICBC by virtue of that shareholding.

Kruger comments: "This is an extremely significant...