South Africa's Renewable Energy Capacity Gets $665 Million Boost from EIB and DBSA

The European Investment Bank (EIB) and the Development Bank of South Africa (DBSA) have each committed an additional €100 million (ZAR 1.98 billion/$110.9 million) to a renewable energy initiative launched in 2022. This raises the total investment to €600 million ($665.4 million), aimed at supporting private sector solar and wind energy projects in South Africa.

The initiative, designed to enhance clean energy production and job creation, is expected to generate 384 MW of new renewable energy capacity. This is part of broader efforts to reduce carbon emissions and combat climate change by shifting away from fossil fuels.

Boitumelo Mosako, CEO of DBSA, highlighted the impact of the projects on South Africa’s energy transition, noting their contribution to energy grid stability and sustainable growth. EIB Vice-President Ambroise Fayolle echoed the importance of renewable energy investment in addressing climate change and ensuring reliable energy for business development.

The funding also supports the DBSA’s programme to promote the development of small and medium-sized renewable energy projects by independent power producers in South Africa.

Source: Ifeoma Joy Okorie / TechPoint Africa