Public Management

South Africa secures US$497 mln for a renewable energy project

South Africa secures US$497 mln for a renewable energy project
Friday, 04 November 2022 15:49

South Africa has decided to increase the share of renewable energies in its energy mix, to reduce its greenhouse gas emissions. To contribute to the efforts, the World Bank and other partners will disburse US$497 million for the conversion of a coal-fired power plant in Komati.

South Africa will receive US$497 million from the World Bank and other partners to finance a renewable energy project, a release dated November 3 announces.

The funding will be used specifically "to decommission and repurpose the Komati coal-fired power plant using renewables and batteries". Under the country’s energy transition program, it will allow the installation of a combination of 220 MW of renewable energy solutions (including 150 MW of solar photovoltaic and 70 MW of wind) and 150 MW of batteries to replace the current coal-fired power plant and improve the quality of the energy supply and the stability of the grid. 

A few years ago, South Africa initiated actions to move towards a low-carbon development path, with reliable, affordable, and sustainable energy for every resident. By 2030, it hopes to retire 12 GW of its coal-fired power plants while developing 18 GW of renewable energy, relying primarily on the private sector.

Decommissioning and repurposing the Komati coal-fired power plant “is critical to our understanding of the sustainability of decommissioning, repurposing, and mitigating the socio-economic impacts for workers and communities before we scale up the move of the power sector into a low-carbon path,” said South African Minister of Public Enterprises, Pravin Gordhan.

Ultimately, the authorities hope the project will have positive social benefits for the Komati region. Part of the project's funding will be used to create economic opportunities for local communities, which should benefit about 15,000 people. Workers at the Komati plant will either be transferred to other facilities operated by Eskom, the national power company, or take part in upskilling programs for the deployment of renewable energy plants.  

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Kenya signs supplementary budget raising spending to 4.69 trillion shillings Funds target security, education, housing, agriculture, health...
Gabon considers agency to strengthen asset recovery efforts Proposal targets illicit financial flows, financial crime enforcement Plan...
Zimbabwe launches new “BiG5 ZiG” banknotes to boost confidence Rollout starts with lower denominations, higher notes to follow Move supports...
Nigerian bank completes full acquisition of Paramount Bank Kenya Deal marks Zenith’s entry into Kenya and broader East African...
Most Read
01

Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...

Flutterwave Secures Banking License in Nigeria, Joining Push by Fintechs Like Revolut, Wise
02

BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...

BCEAO Imposes June 30 Deadline to Complete Instant Payments Integration
03

EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...

EBID Charts Green Shift to Finance West Africa’s Growth
04

This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...

Weekly Health Update | Africa Faces Health Supply Risks; DRC Ends Mpox Emergency
05

Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...

Coca-Cola Plans $1 Billion Investment in South Africa After Nigeria Push
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.