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European Investment Bank invests in solar, wind in South Africa

The European Investment Bank (EIB) and Trend Bank of Southern Africa (DBSA) are every investing €100 million ($110.8 million) in exiguous- and medium-scale solar and onshore wind initiatives in South Africa. Together, they’ve now dedicated €600 million under South Africa’s Embedded Generation Investment Programme (EGIP).

Image: Filiz Elaerts/Unsplash

The EIB and the DBSA are every investing €100 million in renewable energy initiatives in South Africa’s inner most sector. 

The funding comes after a €400 million financing round launched at COP27 in 2022 for DBSA’s embedded technology funding scheme. This device targets exiguous- and medium-sized solar and onshore wind initiatives developed by independent energy producers in South Africa.

Initiatives supported under the most fresh funding are anticipated to form 384 MW of energy ability.

DBSA CEO Boitumelo Mosako stated that beforehand funded initiatives at the second are initiating to advance on-line and make a contribution to the grid.

In July 2024, South African President Cyril Ramaphosa stated the nation had extra than 22,500 MW of renewable energy merchandise in the pipeline, with upcoming initiatives anticipated to lift around ZAR 400 billion ($22.6 billion) in fresh inner most funding.

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