Standard Bank assisted Lowmar Farm, a commercial farming enterprise, with the financing of a new hydro project, costing approximately R24 million. This is the most significant private hydro project for which the bank has ever provided financial support. The 362kWp hydro plant is expected to produce about 2.9GWh in its first year, which will provide sufficient power for two farms. Within the first seven weeks of operation, the hydro system generated power to the value of R550,000 at Eskom’s rates. Standard Bank intends to continue to play a leading role in helping clients bring their energy projects to fruition.

Source: The North Africa Journal May 16, 2024 13:22 UTC