Female-owned investment fund manager Mahlako Financial Services has launched a R1.5-billion investment fund that will invest in businesses and energy projects with growth potential along the entire value chain to close the energy infrastructure gap in South Africa and transform the sector. “We back our portfolio companies holistically beyond providing working capital. Aside from our expertise, we provide access to a strategic network of resources and future funding partners to bring the best support for the most promising businesses contributing to the energy transition,” says Mahlako co-founder Meta Mhlarhi.
Technology group Wärtsilä has signed a long-term optimised maintenance agreement covering power plants in three locations owned by 100% privately-owned Nigerian energy provider Paras Energy. The aim of the agreement is to ensure the plants’ continued high levels of availability, reliability and efficiency, while providing important cost predictability for future budgeting purposes.
According to insights from financial service provider FNB, electricity spend is one of the largest spend categories for entry to middle income customers, and in the wake of the 15% increase in electricity tariffs for 2021/22, many households will have to review their monthly budgets to accommodate the increase and overall cost of living. FNB data shows that the average electricity spend by a customer who holds its Entry Market bank account (Easy account holder) increased by 9% (on average) between 2019 and 2020.
Saudi-based power generation and desalinated water plant developer, investor and operator Acwa Power has finalised the project agreements for the 200 MW Kom Ombo solar photovoltaic (PV) plant, in Egypt.
Construction of the plant is expected to start in the third quarter of this year.
Business software giant Oracle has said Eskom should “pay the pending dues for the Oracle software that they use,” after the power utility last week lost a court application to compel the US corporation to renew its support services until April 2022. Oracle provides a range of IT services, which the struggling utility in court papers described as “quite essential to some of Eskom’s crucial operations”.
A key funder of South Africa’s renewable energy drive is backing natural gas as the fuel needed to help the country bridge the transition from coal power generation to the use of wind and solar. Old Mutual Ltd.’s African Infrastructure Investment Managers will consider funding companies that compete for the right to produce 3,000 megawatts of electricity from gas in an upcoming bid round planned by the government, said Vuyo Ntoi, co-managing director of the $2-billion fund.
A project to quickly ease South Africa’s electricity supply constraints by using floating powerships has come under fire by energy analysts, who have questioned why agreements will lock SA into using the ships until 2042. Earlier this month Minister of Energy Gwede Mantashe announced the names of the eight preferred bidders for SA’s “Risk Mitigation IPP Procurement Programme” – an initiative to fast-track new power production to cut down on load shedding and save on diesel costs.
Eskom Holdings has taken steps to protect its operations from disruptions after a contractual dispute with Oracle Corp.’s South African unit put its technical support services at risk. The state power utility confirmed on Monday that it’s involved in the disagreement in which Oracle initially claimed Eskom underpaid it by about R7.3-billion ($500 million). While the amount was later reduced between the parties, Oracle rejected Eskom’s settlement offer of 166 million rand and threatened to terminate its services, the power utility said in an emailed statement.
The latest meeting between Egypt, Sudan and Ethiopia over the Grand Ethiopian Renaissance Dam may be the last chance to re-launch talks before it is filled for the second year in a row, Egypt said in a statement on Sunday. The meeting concludes on Monday in Kinshasa. Previous attempts at reaching agreement over the giant dam that Ethiopia is building on the Blue Nile have ended in deadlock.
City Power has appointed Mongezi Ntsokolo as its new CEO with effect from April 1. Ntsokolo has almost 30 years’ experience in the electricity industry, having served in different managerial roles at State power utility Eskom, including as group executive for generation, transmission, distribution and human resources.
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