Successful first close for third energy transition Evolution impact fund

African private equity firm Inspired Evolution successfully achieved the first closing of its third energy transition, net-zero climate impact Evolution fund on March 3. Evolution III closed at $199.4-million in conditional commitments from seven international investors, allowing a further 12- to 18-month window to reach its target close of $400-million in capital commitments, the company says.
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Increase in solar panel recycling needed to avoid a future environmental hazard

Solar photovoltaic (PV) panels could result in an environmental hazard in 30 years’ time, as only 10% of the most widely used panel types are recycled in the US, while this data is unknown in South Africa, Stellenbosch Business School Institute for Futures Research (IFR) research assistant Francois Pretorius says. South Africa imported more than R2.2-billion worth of solar panels during the first half of 2022 and the pace of imports is set to increase dramatically as the country’s energy crisis mounts.
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Cape Town received 600 solar PV applications from businesses, households in Feb

As the City of Cape Town works towards independence from the national grid, it has recorded a best month on record for new solar photovoltaic (PV) installations.

The city received more than 600 solar PV installation applications in February, which, added to the applications the city received in January, totals 1 040 for the year so far.

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Metair expects 105% knock to earnings in FY22

JSE-listed energy storage and automotive components manufacturer Metair advises that its earnings per share (EPS) and headline earnings per share (HEPS) for the financial year ended December 31 will be at least 105% and 104% lower, respectively.

EPS and HEPs will, therefore, be at least 369c lower than the EPS and HEPS of 350c and 354c, respectively, reported for the 2021 financial year.

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Power-starved South Africa halts Karpowership bid for port plant

Karpowership, the Turkish company seeking to supply 1 220 MW of electricity to South Africa, had its environmental application to moor a ship-mounted power plant at the port of Saldanha Bay suspended after allegations that the views of small-scale fisheries were misrepresented. Triplo4 Sustainable Solutions, the company’s consultant, was given until March 17 to respond to allegations by environmental nonprofit The Green Connection that it used the views of commercial fishing companies and aquaculture operators to represent those of smaller operators.
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Funding green transition is a major focus for Nedbank CIB

Helping corporate clients transition to a future low-carbon economy is a major focus for Nedbank Corporate & Investment Banking (Nedbank CIB). The bank was the first South African commercial bank to issue a Green Bond, in 2019, and it financed the first private sector energy wheeling arrangement in the country. Staying with energy, it already has a R50-billion commitment into South Africa’s Renewable Independent Power Producer Procurement Programme. “One of the key priorities for South Africa right now should be to decarbonise electricity generation,” highlights Nedbank Investment Banking Sustainable Finance Solutions Head Arvana Singh, speaking exclusively to Engineering News. “That has to change. The South African power sector is very coal intensive right now and it needs to switch to greener energy sources. Focusing on renewable power allows us and corporates in general to make a big impact in the near term.”
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Namibia stresses green hydrogen ambitions, plans

The south west African Republic of Namibia sought to become the sustainability hub of Africa and aimed to become the first carbon-neutral country on the continent. This was highlighted on Wednesday by Namibia Investment Promotion & Development Board Executive Director: Investments and New Ventures François van Schalkwyk. He was addressing an Invest in Namibia Roundtable, which was a side event of the Africa Energy Indaba, being held at the Cape Town International Convention Centre. “We believe that our energy mix will be predominantly green by 2040,” he reported. “Namibia has high, constant wind speeds, particularly on the south coast. It has the highest potential [in the world] for PV [photovoltaic solar] output.”
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Stage 5 loadshedding suspended, Stage 4 to continue

Eskom has announced that there will not be any Stage 5 loadshedding for the week, as previously communicated; however, Stage 4 will continue until further notice.  This is due to the return of generating units at Kriel, Majuba and Matimba power stations. 
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South Africa must make green hydrogen investment decision in next 12 months

For South Africa to take full advantage of the opportunities presented by the growing global demand for green hydrogen, management consulting firm McKinsey managing partner of South Africa Kannan Lakmeeharan believes swift action is needed to move from feasibility to investment decisions. Speaking to Engineering News on March 7 at a McKinsey-hosted event focusing on green hydrogen, which ran alongside the African Energy Indaba, in Cape Town, he said that derisking green hydrogen projects by securing some form of uptake was crucial.
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Creecy to decide this week on way forward for Kusile exemptions

The Department of Forestry, Fisheries and the Environment (DFFE) tells Engineering News that Minister Barbara Creecy has received a letter from Eskom requesting her to issue directions in terms of the disaster management regulations to exclude the construction of the temporary stacks at Kusile from environmental requirements. The state of disaster regulations issued on February 28, include Regulation 5(1)(i) which empowers Creecy to issue directions “excluding upgrades, refurbishments, adjustments and repairs of existing energy infrastructure and existing generation, transmission and distribution facilities” from environmental legislation.
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