The European Investment Bank (EIB) and the Development Bank of South Africa (DBSA) will be providing more capital to the private sector, to support renewable energy projects.
As a result, an amount of R1,98 billion will be availed.
This is in addition to about R7.9 billion, announced at COP27 in 2022.
The DBSA’s Chief Executive Officer (CEO) Boitumelo Mosako, said this funding will support the DBSA’s Embedded Generation Investment Programme, focusing on small to medium-scale solar and wind projects led by independent power producers in South Africa.
“This investment aligns with Europe’s Global Gateway initiative and the Just Energy Transition Partnership (JETP), underscoring our commitment to a greener future” said Mosaka.
Ambroise Fayolle, EIB Vice-President, said “we are proud of the progress of this initiative and our partnership with DBSA.”
He added “investing in renewable energy is not only imperative to combat climate change, but it will also lead to more reliable energy supply, which businesses need in order to grow.”
Picture provided by the DBSA, of Ambroise Fayolle, EIB Vice-President (right) and Boitumelo Mosaka of the DBSA (left).