GE Africa Signs $350 million Financing Agreement with Standard Bank on Power

GE
Jay Ireland and CEO of Stanbic IBTC signing the $350 million Distributed Power agreement between GE Africa and Standard Bank
31 January 2014
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GE Africa (Lagos)
press release
  • Focus on Distributed Power Across SSA
  • Targeted at 10 initial countries
  •  Includes financing of off-grid solutions that rely on cleaner fuels

Efforts to increase access to power infrastructure in Africa have received a boost with a $350 million financing agreement between global infrastructure giants GE and Standard Bank. The partnership seeks to provide affordable access to power infrastructure to augment traditional large scale grid capacity development.

The partnership will target 10 initial countries, Nigeria, Angola, Tanzania, South Africa and Ghana. Others are Kenya, Mozambique, Uganda, Ethiopia and South Sudan. Financing activity will center on project finance, equipment finance, trade finance and advisory. The Program will be open to independent power producers ("IPPs") and non-recourse infrastructure projects, industrials and manufacturers, natural resource companies, food and agricultural processors, small to medium enterprises ("SMEs"), and other potential borrowers.

Speaking at a ceremony to announce the strategic collaboration, President/CEO of GE Nigeria, Lazarus Angbazo, said that this comes at the right time when there are concerted efforts to boost access to energy across the continent. He said initiatives of this nature would certainly support efforts by respective governments in finding captive power solutions to meet the growing demand for alternative fuels. Mr. Angbazo said this strategic collaboration is in line with the country-to-company agreements, which GE has signed with a number of African governments aimed at generating incremental power and increasing access.

Mrs. Sola David-Borha Chief Executive Stanbic IBTC Holdings (Standard Bank trades in Nigeria as Stanbic IBTC Holdings) said the bank was committed to projects of this nature that help energize the real sector. She said the power challenges identified in the focus countries for this joint effort were opportunities for growth through sustainable investment. Mrs. Sola David-Borha also disclosed that through the agreement, financing will also be available for off-grid solutions that rely on cleaner fuels such as biomass and biogas across sub Saharan Africa.

About GE
GE (NYSE: GE) works on things that matter, using the best people and the best technologies taking on the toughest challenges, finding solutions in energy, health and home, transport and finance, building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

About Stanbic Bank
Standard Bank Group is the largest African bank by assets and earnings. It operates in 19 countries on the African continent, including South Africa. Standard Bank has a 150-year history in South Africa and employs 49 000 people in all regions. Standard Bank delivers a complete range of services across personal and business banking, corporate and investment banking and wealth management. Standard Bank's Corporate & Investment Banking division offers its clients banking, trading, investment, risk management and advisory services to connect selected emerging markets to Africa and to each other. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions. The group's largest shareholder is Industrial and Commercial Bank of China (ICBC), the world's largest bank, with a 20.1% shareholding

About Stanbic IBTC Holdings (a member of the Standard Bank Group)
Stanbic IBTC Holdings PLC, a member of The Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets. It is rooted in Africa with strategic representation in 19countries on the African continent, including South Africa. Standard Bank has been in operation for over 150 years and is focused on building first-class, on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.

For more information, contact:
Osagie Ogunbor
Communications Manager – West Africa
+2348141377176
osagie.ogunbor@ge.com

Usman Imanah
Corporate Communications Manager, Stanbic IBTC Holdings
+2347066317267
usman.imanah@stanbicibtc.com

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