By Phiwa Sikhondze
In a landmark event held at the Royal Villas Hotel yesterday, Standard Bank Eswatini reaffirmed its commitment to bolstering Eswatini’s energy sector, marking a pivotal step towards achieving energy security in the region.
The Standard Bank Energy Indaba, brought together key stakeholders, government officials, and industry experts to deliberate on strategies aimed at driving sustainable energy solutions in Eswatini.
Themed ‘Enabling Energy Security within Eswatini’, the Energy Indaba served as a platform for fostering collaboration and innovation, with discussions centered on leveraging renewable energy sources, enhancing infrastructure, and promoting energy efficiency initiatives. Notable speakers highlighted the importance of diversifying Eswatini’s energy mix to reduce reliance on traditional fossil fuels and mitigate environmental impacts.
Standard Bank’s pivotal role in advancing Eswatini’s energy agenda was underscored by its announcement of strategic investments and partnerships aimed at catalyzing the transition towards a more resilient and sustainable energy ecosystem.
Speaking at the event, Standard Bank Chief Executive, Mvuselelo Fakudze, outlined the challenges and opportunities that the energy sector presents. With the Purchase Power Agreement set for renewal in 2025, the bank recognizes the critical juncture at which the country stands. As a long-term solution, he emphasized the bank’s unwavering commitment to finance projects that promote access to clean and reliable energy, thereby driving socio-economic development and fostering a brighter future for all citizens.
“As Standard Bank, we remain committed to financing Energy in Africa and more so in Eswatini in particular renewable energy projects that address the energy transition we are working to manage in the country,” he said.
Notably, the bank has been instrumental in financing the Lower Maguduza Hydro Project in Eswatini and a groundbreaking battery energy and photovoltaic solar project in South Africa.
Making his submission at the event, the Eswatini Electricity Company (EEC) General Manager Operations, Vusi Gama, encouraged stakeholders in energy not to focus on the elapse of EEC’s Purchase Power Agreement with ESKOM but to focus on investing in the renewable energy space and make use of the opportunity presented by Standard Bank.
“We are more concerned about the energy being generated locally rather than importing it. This can shift the focus from Purchasing Power Agreement with ESKOM as it can make the country self-sufficient in terms of energy,” Gama said.
In his keynote address, the Honorable Minister of Natural Resources and Energy, Prince Lonkhokhela Dlamini, applauded Standard Bank’s proactive stance in championing sustainable development initiatives and urged all stakeholders to redouble their efforts in advancing the nation’s energy agenda.
He reiterated the government’s commitment to creating an enabling environment for investment and innovation, emphasizing the pivotal role of public-private partnerships in driving progress. He further encouraged other financial institutions in the country to follow the lead and work on means to start renewable energy projects in the country.