- Standard Bank uses ACTS for renewable energy solutions.
- Standard Bank uses its capacity to interact with global suppliers in China.
Standard Bank has announced that through a new Africa-China Trade Systems (ACTS) renewable energy import platform, households and businesses across Africa would have access to renewable energy solutions and components.
Business owners and individuals may now finance approved solar energy components for any size of renewable power generation and storage via a network of fully vetted international providers from China.
“Power will remain a persistent concern on the continent for the foreseeable future, even for South Africa as the most sophisticated economy,” said Philip Myburgh, executive head of Standard Bank’s trade and Africa-China business and commercial clients.
“The continent’s biggest push for renewables is to close huge energy gaps and offer the crucial electricity needed to achieve long-term economic growth.” Through this cooperation, we are set to deliver significant, consistent, and reliable access to the equipment that will sustain a new independent renewable market, significantly relieving the burden on overburdened State utilities,” Myburgh added.
Standard Bank has been able to use its capacity to interact with global suppliers in China thanks to its link with the Industrial and Commercial Bank of China.