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In another eventful day for corporate news, Anglo American rebuffed BHP's offer and jumped on reports it has a sizeable new investor. Renergen warned its loss has widened in 2024 and Standard Bank announced it is involved in another sizeable renewable energy project. In international news, Chinese tech giant ByteDance has pushed back on reports of talks to sell TikTok.
Standard Bank said it has successfully facilitated another major hybrid renewables project in South Africa that aims to relieve pressure on the national power grid. Africa's largest bank by assets has partnered with the global multi-energy company TotalEnergies through its affiliates in South Africa and Hydra Storage HoldCo in a 216MW solar PV and 450MWh battery energy storage hybrid project that will make available 75MW of dispatchable power every day from 05:00 to 21:30 for 20 years. The TotalEnergies Hydra Storage Project located in the Northern Cape reached financial close in December and is expected to come online in 2025 as part of the Risk Mitigation Independent Power Producer Procurement Programme led by the Department of Mineral Resources and Energy. The bank has pledged to mobilise between R250 billion and R300 billion by 2026 for sustainable finance solutions, including lending, underwriting, and arrangement activities.
Helium and natural gas group Renergen informed shareholders that it expects its headline loss per share to widen to between 72.7c and 76.7c per share in its year to end February from 19.89c previously. The increase is primarily attributable to the prolonged downtime experienced during the maintenance cycle, it said in its brief trading update. Renergen made a headline loss of R27.76 million in 2023, and its shares were down 2% in afternoon trade on Friday. They have lost about a third in the past year.
