Standard Bank Partners with Anthem to Back South African Solar Project

Key Takeaways

• Standard Bank co‑leads financing for 475 MW Notsi solar project
• Anthem contributes over 2 GW renewable portfolio to South Africa
• Project will produce 1.5 TWh electricity, powering 140k homes
• Power off‑take agreements target commercial and industrial customers
• Initiative supports South Africa’s market liberalisation and private‑sector participation

Summary

Standard Bank, Africa’s largest bank by assets, has partnered with independent power producer Anthem to finance the Notsi solar project, South Africa’s biggest single‑phase photovoltaic development. The 475 MW facility in the Free State will supply clean power to commercial and industrial customers under long‑term offtake agreements with Discovery Green and NOA Group. Standard Bank will act as co‑mandated lead arranger, coordinating lead arranger, facility agent, and will handle guarantees and hedging. Once operational, Notsi is expected to generate about 1.5 TWh of electricity annually, enough for roughly 140,000 households.

Pulse Analysis

South Africa’s renewable energy landscape is rapidly evolving, driven by a need to diversify a grid historically dominated by coal. Large‑scale solar projects like Notsi, with a 475 MW capacity, signal a shift toward utility‑scale generation that can meet growing corporate demand for clean power. By securing financial close, the project adds a substantial chunk of low‑carbon supply, reinforcing the country’s commitments under its Integrated Resource Plan and helping to stabilize electricity prices amid frequent load‑shedding.

The financing structure showcases Standard Bank’s deepening expertise in green capital markets. Acting as co‑mandated lead arranger and coordinating lead arranger, the bank orchestrates a suite of services—from facility agency to guarantee issuance and hedging—ensuring the project’s financial resilience. Anthem, already operating over 2 GW of wind, solar, and hydro assets, brings project development acumen and a pipeline of future renewable investments. Long‑term offtake contracts with Discovery Green and NOA Group lock in revenue streams, reducing risk for lenders and aligning with corporate decarbonisation targets across the continent.

Beyond the immediate power output, Notsi advances South Africa’s electricity market reform by fostering competition and encouraging private‑sector participation. The aggregator‑led offtake model illustrates how independent power producers can bypass traditional utility bottlenecks, delivering energy directly to large consumers. This approach not only accelerates the country’s transition to a lower‑carbon economy but also creates a replicable template for future renewable projects, positioning the region as a hub for sustainable infrastructure investment.