Standard Bank, the largest financial institution in Africa by assets, has joined forces with French renewable energy developer InnoVent SAS to finance a landmark wind energy project in Southern Africa. The partnership is delivering NAD1.9 billion to support the development and construction of the Diaz Wind Project, set to become Namibia’s most significant wind energy facility to date.
Standard Bank has been appointed as the sole mandated lead arranger and underwriter for the project’s senior debt and ancillary facilities, contributing NAD1.2 billion in financing. This investment highlights the bank’s strategic leadership in sustainable infrastructure development across Africa and reaffirms its commitment to climate-resilient investment.
Located near Lüderitz in Namibia’s ǁKaras Region, the Diaz Wind Project will deliver 44 megawatts (MW) of renewable energy. Once operational, the facility is projected to produce 226,969 megawatt-hours (MWh) of clean electricity annually, displacing approximately 177,000 tonnes of CO₂ emissions. The project is expected to play a pivotal role in reducing Namibia’s energy import dependence and strengthening its energy sovereignty through locally harnessed wind resources.
Namibia currently imports around 60% of its electricity, largely from South Africa and neighbouring countries through the Southern African Power Pool. With some of the highest solar irradiance and strong wind potential on the continent, the nation is pursuing a strategic shift towards domestic renewable energy generation, in line with its Integrated Resource Plan and Renewable Energy Policy.
“This initiative represents a tailored financial response to the unique challenges and opportunities of this project. It enables us to align our sustainability goals with real economic and environmental benefits for Namibia,” said Pius Alweendo, Vice President for Energy and Infrastructure Finance at Standard Bank Investment Banking.
Standard Bank has a strong history of supporting transformative infrastructure in Namibia, having previously funded the country’s first utility-scale solar independent power producer (IPP), its first wind IPP, and the national fuel storage facility. The Diaz Wind Project builds on this legacy.
InnoVent SAS, which operates four solar photovoltaic (PV) plants and one wind farm in Namibia with a combined generation capacity of 25 MW, is concurrently developing a further 93 MW in renewable projects. The Diaz project marks the group’s largest commitment to date in Namibia’s renewable sector.
“In a market where Standard Bank understands the intricacies of Africa’s energy landscape, they were a natural partner for us. Their financial structuring and long-term support were instrumental in making this milestone possible,” said Grégoire Verhaeghe, President of InnoVent SAS.
Marco Triebner, Head of Investment Banking at Standard Bank Namibia, added: “This project is a landmark achievement under challenging conditions. It is the result of years of dedicated support and marks a step change in Namibia’s ability to independently generate renewable power.”
The Diaz Wind Project is not only an investment in clean energy, but also a critical contribution to Southern Africa’s long-term energy security. As the continent continues to face climate-related vulnerabilities and fluctuating energy markets, initiatives such as this represent a model for scalable, sustainable growth.
