FNB introduces renewable energy solution for business

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FNB News

First National Bank,FNB Energy Solutions,Power Purchase Agreement

The new solution, offered in collaboration with partners, focuses on solar photovoltaic installations, with or without battery backup.

FNB Commercial says it’s focused on offering customers beyond-banking services in adjacent activities.

In a statement, FNB notes businesses can acquire an energy-as-a-service solution via a power purchase agreement model, where FNB Energy Solutions retains ownership of the renewable energy infrastructure and sells the energy produced to the client. Monique Botha, FNB sustainable energy lead, says: “FNB Energy Solutions focuses on helping businesses to address challenges, such as energy security and rising electricity costs, while also supporting their efforts to meet their sustainability targets – all without significant upfront capital investments, or the need to take on the management of their renewable energy assets.”The foundation of the FNB Energy Solutions offering is its partnership approach, the bank notes.

While many providers in the market require 20- to 25-year commitments, FNB Energy Solutions says it typically offers shorter PPAs, providing businesses with flexibility. After the fifth year, clients have the option to purchase the entire renewable energy plant at a predetermined price. This feature provides businesses with the flexibility to transition from a service model, to outright ownership when it aligns with long-term energy strategies.

 

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