Standard Bank and GE have agreed to collaborate on power projects in Sub-Saharan Africa worth a potential US$350mn.
The pair is to work on projects geared towards bringing electricity to rural communities, although no specific projects have been revealed as yet.
The MoU was signed in Nigeria, but it’s understood that the projects could span 10 African countries: Nigeria, Angola, Tanzania, South Africa and Ghana. Others are Kenya, Mozambique, Uganda, Ethiopia and South Sudan.
David Humphrey, head of power and infrastructure at Standard Bank, tells GTR that the details of how the finance will be distributed have yet to be decided upon. He says it could come in the form of loans to local governments to purchase power equipment from GE, or it could help finance PPPs in the sector.