A EUR400 million financing scheme has been set up to support private sector renewable energy investment in South Africa.

In a partnership between the Development Bank of Southern Africa (DBSA) and the European Investment Bank, backed by EUR200 million from the latter, the initiative will provide financing for a range of new renewables projects in a bid to increase clean energy power generation across the country.

According to the The focus will be on the development and upscaling of solar PV and wind projects by IPPs. It will also contribute to the DBSA’s Embedded Generation Investment programme, which aims to create an additional 1 200 MW of generating capacity, thus avoiding 3.6 million tons of CO₂ emissions.

Funding will also potentially go towards energy efficiency projects promoted by the private sector.

29 November 2022
Image: Unsplash