StanChart, Standard Bank to Help Lesotho Develop Clean Energy Fund
TLDR
- Standard Chartered and Standard Bank Group collaborate with Lesotho to establish His Majesty King Letsie III Just Energy Transition Fund, attracting private and international investments for renewable energy projects.
- The fund's initiative aims to address Lesotho's domestic energy needs and begin exporting surplus power to the region, focusing on generating 200 megawatts of clean energy.
- Marisa Drew, Standard Chartered’s chief sustainability officer, highlights leveraging programmatic blended finance to draw foreign private-sector capital into the renewable energy projects in Lesotho.
Standard Chartered and Standard Bank Group are collaborating with Lesotho to establish the His Majesty King Letsie III Just Energy Transition Fund.
The initiative aims to attract private and international investment to help Lesotho meet its domestic energy needs and begin exporting surplus power to the region.
The fund will leverage programmatic blended finance to draw foreign private-sector capital into Lesotho’s renewable energy projects, according to Marisa Drew, Standard Chartered’s chief sustainability officer. The first phase will focus on generating 200 megawatts of clean energy for domestic use and building surplus capacity for export via the Southern Africa Power Pool.
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Key Takeaways
Lesotho’s fund exemplifies a shift toward clean energy development in emerging economies. Despite abundant renewable resources, Lesotho has historically relied on imported electricity. This initiative could not only address the nation’s energy needs but also position it as a regional power supplier, offering a sustainable alternative as neighboring countries face electricity shortages. By leveraging innovative financing and its natural resources, Lesotho aims to transition from energy poverty to clean energy leadership.
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