South Africa’s largest single-phase solar project secures Standard Bank backing

Standard Bank has stepped into a key role in financing South Africa’s largest single-phase solar project, the 475-megawatt Notsi renewable energy facility in the Free State. The bank has been appointed lead arranger and coordinating lead arranger and will also act as facility agent, account bank, guarantee-issuing bank, and hedging bank for the project. The move comes as Africa’s solar capacity surged 54 percent in 2025, driven by South Africa and Nigeria.

Standard Bank’s executive vice president for energy and infrastructure, Vincenzia Leitich, said the deal underscores the bank’s capacity to structure large, complex energy projects. “Its scale and complexity speak to our ability to deliver tailored solutions. The Notsi project meets both financial and environmental goals, and we are proud to have played a pivotal role in its finalization,” she said.

Private sector expands renewable electricity role

The project is being developed by Anthem, one of South Africa’s largest independent power producers, which operates more than 2 gigawatts of wind, solar, and hydro projects across the country. Once operational, Notsi is expected to generate around 1.5 million megawatt-hours of electricity annually—enough to power roughly 140,000 households. The electricity will mainly be sold to commercial and industrial users under long-term power purchase agreements with Discovery Green and NOA Group.

Mike Wickins, Anthem’s chief commercial officer, highlighted the broader impact: “We are thrilled to continue partnering with Standard Bank. The Notsi project supports the growing aggregator market, helps companies reduce carbon emissions, and aligns with South Africa’s shift to lower-carbon energy.” The development also complements ongoing electricity market reforms aimed at increasing competition, expanding private-sector participation, and enabling aggregator-led models.

Africa adds 4.5GW solar in 2025

Africa added about 4.5 gigawatts of solar capacity in 2025, a record 54 percent increase from 2024, according to the Global Solar Council. Large, grid-connected projects accounted for most of this growth, though rooftop and small-scale systems continued to expand. South Africa led with 1.6 gigawatts, followed by Nigeria with 803 megawatts and Egypt with 500 megawatts. Together, these three countries drove a substantial portion of the continent’s solar growth.

Looking ahead, Africa could add more than 33 gigawatts of solar capacity by 2029 if financing and regulations align with developer and consumer needs. Executives in the off-grid and mini-grid sector say electrifying 29 African countries in a World Bank-backed program may require up to $46 billion by 2030, including $28 billion in debt, $14 billion in equity, and $4.6 billion in grants. The continent is pursuing two energy paths: large-scale solar projects backed by public lenders and private systems for households and businesses.