Manufacturer confidence declines to near global financial crisis levels, Absa survey shows

A manufacturing survey undertaken by financial services company Absa finds that confidence levels in the manufacturing sector dropped by nine points to 17 in the first quarter – the lowest since the Covid-19 hard lockdown and similar to that experienced during the 2007/8 global financial crisis.

The confidence index ranges between zero and 100, with zero reflecting an extreme lack of confidence and 100 extreme confidence where all participants are satisfied with current business conditions.

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Significant funding required to positively undertake Just Energy Transition – report

The second of three reports looking into South Africa’s energy transition, released by the African Climate Foundation (ACF) this week, finds that significant amounts of funding will be required to promote positive social outcomes and to prevent a deterioration in poverty and unemployment that a completely unmanaged transition would bring about.

South Africa is in the process of transitioning from a majority of its baseload generation fleet being coal-fired, to an increasingly renewable energy-supported grid.

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Togo set to have the biggest solar power plant in West Africa, by the end of this year

Dubai, United Arab Emirates, based renewable energy group AMEA Power has announced that the groundbreaking ceremony for Phase 3 of its Sheikh Mohammed Bin Zayed solar power plant, in the Republic of Togo, had taken place, in the presence of Togolese President Faure Gnassingbé. Completion of Phase 3 will make the plant, located at the village of Blitta, the biggest solar power plant in West Africa. Phase 3 will expand the capacity of the plant from its current 50 MW to 70 MW, and includes the installation of a battery storage system to extend the provision of electricity into the night. Completion of Phase 3 is expected by the end of this year.
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Corruption not at the heart of Eskom’s operational troubles, says new electricity minister

Engagements with management at five of Eskom’s coal-fired power plants so far suggest it is technical and investment issues, and not corruption, adversely affecting the performance of the utility’s fleet, the newly appointed minister of electricity has said. Minister Kgosientsho Ramokgopa is visiting each of Eskom’s 15 power stations, including Koeberg. Speaking to the media during a visit to the Tutuka power station on Wednesday – the fifth of the plants which the minister will visit – Ramokgopa said he would not speak about corruption in aggregate terms.
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Partnership formed to boost solar panel, integrated inverter stockholding

A partnership to make solar panels and integrated renewable energy systems in South Africa more readily available was launched on March 22 between Magneto Renewable Energy (MRE), Chinese tier one solar panel manufacturer Longi and electrical systems supplier Lubanzi Inala.

Located in Midrand, the partnership is using an intermediate warehouse to stock Longi solar panels and Lubanzi inverter systems, but plans to move nearby to an 11 000 m2 warehouse, where it will add two mezzanine levels to take storage space to about 30 000 m2.

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Absa advises on another landmark energy deal in Africa

As financial services provider Absa continues on its mission to support solutions that contribute towards a sustainable future, the bank has provided advisory services and financing for another landmark deal in the South African energy sector.

Absa Corporate and Investment Banking has assisted in Infinity Power Holding’s (IPH’s) acquisition of Lekela Power.

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Solar underpins record renewables additions in 2022

A record 295 GW of new renewable-energy capacity was added globally in 2022, with the 9.6% year-on-year growth underpinned largely by record growth in solar photovoltaic (PV) installations, which accounted for almost two-thirds of all new renewables additions with 192 GW installed. The International Renewable Energy Agency’s (Irena’s) ‘Renewable Capacity Statistics 2023’ report shows that with installations of 75 GW wind power came in as the second most deployed renewables technology in 2022, but at a pace that had slowed materially from the 111 GW of wind added in 2020.
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RMB acquires 25% stake in South African electricity trading platform

First Rand’s Rand Merchant Bank (RMB) has acquired a 25% stake in Remgro’s Ubiquity Energy platform, the holding company of Energy Exchange, which is an electricity trader licensed by the National Energy Regulator of South Africa. The value of the acquisition has not been disclosed.
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UK development finance agency invests in new fund for green African urban development

UK State development finance institution British International Investment (BII) has announced that it is committing €20-million to the Meridiam Group’s TURF (The Urban Resilience Fund), which is dedicated to projects in sub-Saharan Africa. Meridiam is an independent investment public benefit and asset management group, focused on the development, financing and long-term management of sustainable public mobility, public services and low-carbon infrastructure. It is based in Paris, in France (hence the UK commitment being in euros, not sterling). TURF is focused on funding and supporting the design of climate-focussed urban infrastructure in sub-Saharan African countries. It seeks to make African urban public infrastructure more affordable and reliable, while improving safety  and ensuring climate resilience.
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Eskom says ‘unexpected challenges’ during Koeberg Unit 1 outage will delay restart

The first Unit 1 steam generator at the Koeberg power station has been removed from the containment building and placed into an on-site storage building – a development that Eskom describes as a major milestone for a project that has had numerous false starts during previous outages. However, the State-owned utility has also confirmed that, as a result of “unexpected challenges” during the current long-duration outage, the original return to service date of early June is “no longer achievable”.
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