South African financial services group Investec and the European Investment Bank (EIB) have confirmed the establishment of a €100-million renewable energy fund to promote clean energy generation and energy efficiency initiatives in South Africa
The partners each contributed €50-million to the facility, which was unveiled on the sidelines of the global climate negotiations currently under way in Durban.
Investec’s Fazel Moosa said the EIB finance, coupled with Investec’s experience in extending project finance for the renewable energy sector, should support efforts to grow South Africa’s green economy.
Investec would be responsible for selection of projects and subsequent investment, while the capital would be disbursed over three years.
EIB VP Plutarchos Sakellaris said that reliable electricity supply and more efficient use of energy would support economic growth in South Africa by helping the country address its prevailing energy challenges.
