EUR 100m boost for green electricity in South Africa

Investec has agreed with the European Investment Bank (EIB) to establish a EUR 100 million renewable energy funding facility. This will promote clean energy generation and energy efficiency initiatives in South Africa in line with the government’s recent Green Economy Accord. Investec and the EIB are equal partners in the programme with each contributing EUR 50 million.

The facility will support South African renewable energy projects and energy efficiency activities with Investec responsible for selection of projects and subsequent investment. The EUR 100 million will be available for disbursement to selected opportunities over three years from the start of the programme. Each project will be evaluated by Investec’s sector specialists and credit committee, in accordance with additional investment criteria set by the European Investment Bank to ensure that projects deliver sound environmental benefits and abide by accepted business, environmental, social and labour practices.

Source: EIB