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Investec to invest in South African renewable sector

The solar solar energy sector will receive the major share of the funding. (Image source: IntelFreePress/Flickr)

Specialist bank and asset manager Investec will invest US$813mn in South Africas Renewable Energy Independent Power Producer Procurement Programme

Investec's project and infrastructure finance team member Robert Gecelter said that the funding amount for solar energy projects has not been decided yet, but most of the funding will likely go to concentrated solar power, PV projects and wind energy projects.

The funding will go towards the third round of bids, which will close in mid-August. In total, 27PV projects were selected in the first and second rounds of the programme, worth more than one gigawatt of capacity.

In total, the renewable energy programme has set a target of installing 3,725MW of renewable energy capacity by the end of 2016.

Investec head of project and infrastructure finance Fazel Moosa said, “Given the unprecedented debt and equity financing requirements of the renewable programme, Investec will continue to utilise its capacity to provide debt and equity financing in support of this impressive governmental initiative.”

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