The Public Investment Corporation (PIC) is ploughing R300 million into the South African Development Fund, known as the Climate Investor Three (CI3 South Africa).
The PIC announced this decision at the South African Green Hydrogen Summit, last week, in Cape Town.
The fund is also supported by European donors and is expected to support SA’s Green hydrogen sector.
Other organisations that have contributed to the fund are the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa (DBSA).
The SA0H2 Fund is managed by Climate Fund Managers (CFM).
The SA-H2 Fund’s first investment is USD 20 million in development funding for the Hive Hydrogen Coega Green Ammonia Project in the Eastern Cape.
This project is planning to produce approximately one million tonnes of green ammonia annually, while creating more than 20 000 jobs during construction and operation.
Kabelo Rikhotso, Chief Investment Officer at the PIC, said this investment of R300 million, is made on behalf of the Government Employees Pension Fund (GEPF).
“As a long-term investor, the PIC is committed to supporting infrastructure that generates attractive commercial returns while delivering inclusive, broad-based economic impact.”
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