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Standard Bank Namibia extends first Corporate Green Loan to Namib Poultry Industries

by editor
September 9, 2022
in Finance
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Standard Bank Namibia recently extended its first green loan, after it entered into a funding agreement with Namib Poultry Industries (NPI).

The multi-million-dollar deal provides funding for the construction of a solar power plant meant to supplement Namib Poultry’s electricity supply.

NPI is a member of the Namib Mills Group, one of the largest food producers in Namibia. This is the first major renewables project undertaken by the Group and contributes to their investment into local sustainability and food security.

The already operational tracked plant has a capacity of 3MW and aims to reduce the chicken processor’s electricity consumption by 30%.

Standard Bank Namibia’s Head of Investment Banking, Marco Triebner, who negotiated the funding deal said, “During a client engagement, we learned from NPI that they were looking to develop a solar plant to support their electricity supply. So, we approached them with a proposal consistent with Standard Bank’s commitment to Sustainability Linked Finance.

“NPI’s solar power plant is one of the first power plants operating under the Modified Single Buyer Model, recently approved by the Electricity Control Board and hopefully marks the start of a shift towards more of these types of agreements. We take pride in understanding our clients’ businesses and the environment in which they operate, enabling us to proactively deliver on their needs. A Corporate Green Loan is quite rare as green loans are usually issued in the project finance space. We were able to arrange a green corporate loan, one of only a handful to have taken place in Southern Africa, and in so doing enabled NPI to enhance their energy self-sufficiency with reliable, clean power.

He said the green loan cements the Bank’s commitment towards sustainability and protecting the environment and is testament to our commitment towards Standard Bank Namibia’s mission: Namibia is our home; we drive her growth.

Green loans are financing towards initiatives /projects that have a positive impact on the environment.

Global green financing, aimed at environmentally friendly projects around the world, has grown over 100 times in the past decade, according to a new study from TheCityUK and BNP Paribas.

Global borrowing by issuing green bonds and loans, and equity funding through initial public offerings targeting green projects, swelled to US$540.6 billion in 2021 from US$5.2 billion in 2012, according to the research.

The jump in issuance underscores the growing push from governments and corporations to try to rein in carbon emissions and achieve climate goals.

The share of green finance in the total finance market was about 4% in 2021, compared with around 0.1% in 2012.

The number of publicly traded companies involved in green activities grew from 401 companies in 2012 to 669 in 2021, the data showed.

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