Standard Bank, Units to Set Up $1 Billion Africa Renewables Fund

Standard Bank Group Ltd., Africa’s biggest lender by assets, is creating a $1 billion fund for big renewable energy projects to help plug a gaping funding shortfall on the continent.

The lender is teaming up with two of its units — Stanlib Asset Management Ltd. and insurer Liberty Holdings Ltd. — to fund wind, solar and green hydrogen projects, according to Kenny Fihla, chief executive officer of Standard Bank’s corporate and investment banking unit.

Africa requires about $1.2 trillion to shift from polluting energy sources to cleaner technologies by 2030, according to Standard Bank. The lender intends to ...