Bate still expects to play role in green transition following IDC departure

Former Industrial Development Corporation (IDC) COO Joanne Bate, who departed the development financier at the end of January, expects to continue to play some role in South Africa’s green energy transition but has not yet taken up any specific new position. Having worked for the IDC in the late 1990s, Bate rejoined the State-owned entity on a five-year contract in February 2020, following a period in the commercial banking sector that included stints with HSBC and Barclays/Absa.
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Africa50 to set up off-grid power, green infrastructure funds

Africa50, a pan-continental infrastructure investor, is setting up the first region-wide investment vehicle dedicated to off-grid power companies and plans a $500-million fund to invest in climate-friendly projects. The new funds at the investor, whose shareholders include the African Development Bank and Morocco’s central bank, come amid a drive by regional governments to boost access to electricity and shield against the impact of adverse weather caused by climate change. The World Bank and AfDB last month convened a conference to give momentum to a program to bring power to 300-million Africans by 2030.
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World Bank lifts South Africa GDP forecast on energy, logistics

The World Bank raised its economic-growth forecast for South Africa because of a sustained recovery in its energy and logistics sectors, while warning that the nation will struggle to achieve a pace of expansion needed to reduce poverty and unemployment. The Washington-based lender boosted its gross domestic product growth projection for 2025 to 1.8%, from 1.3% previously, according to its South Africa Economic Update report published on Tuesday. The bank expects growth to accelerate to 2% by 2027.
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Wind turbines on their way to Ummbila Emoyeni facility

Nine turbines, including 27 blades and other components, are being transported on the N2, from Richards Bay to Seriti Green’s Ummbila Emoyeni wind energy facility in Bethal, Mpumalanga. The turbines and components started moving on February 3. The convoy, managed by Vanguard, will be 335 m long and take three days to complete its journey.
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South Africa’s energy and transport reforms could create 500 000 jobs – World Bank

South Africa could increase its GDP growth by 1% in the short term and up to 3% in the medium term by addressing persistent energy and freight logistics constraints, the World Bank’s latest ‘South Africa Economic Update’ states. Such projected increases in economic activity, the report adds, could create about 200 000 jobs in the short term and 500 000 jobs in the medium term. The bank estimates that constraints in both sectors have cost the economy three to five percentage points of GDP growth, and have disproportionately affected small businesses and low-income households.
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Leslie Mkhabela appointed Eskom lead independent director

State-owned power utility Eskom has appointed Leslie Mkhabela as lead independent director, with effect from January 31. “The board appointed Mr Mkhabela as a lead independent director to strengthen governance and create an organisational structure with robust checks and balances. Leslie has consistently demonstrated decisive, ethical and inclusive leadership,” says Eskom chairperson Mteto Nyati.
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Diamond-dependent Botswana needs economic reset, new leader says

Botswana’s government will develop new industries, dismantle the State power utility to foster private investment and increase concessional borrowing as part of a plan to diversify the diamond-dependent economy, President Duma Boko said. While gems mined by Debswana — a venture between Anglo American’s De Beers unit and the government — account for 80% of Botswana’s economy, they aren’t creating enough jobs, which raises the risk of instability in the arid nation of 2.5-million people, Boko said in an interview. The country is mainland Africa’s richest relative to the size of the population.
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Eskom falls painfully short of going 365 days loadshedding-free

After having operated South Africa’s electricity system without resorting to rotational power cuts for 310 days, Eskom declared Stage 3 loadshedding at 17:00 on January 31, after the loss of 3 600 MW of coal capacity resulted in a depletion of diesel and pumped-storage reserves. Describing the development as a “sad moment” and a “setback”, Electricity and Energy Minister Dr Kgosientsho Romokgopa nevertheless insisted that Eskom’s operational performance remained on an upward trend.
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Eskom forecasting full-year profit of R10bn, as it digests Nersa decision

Eskom has confirmed that it is forecasting to make a full-year profit of more that R10-billion for 2024/25, having reported a R17-billion profit for the interim period, up from the R1.6-billion recorded for the same period in 2023/24. The group reported an after-tax loss of R55-billion in its full 2023/24 financial year, a performance that was negatively affected by the derecognition of a R36.6-billion deferred tax asset associated with the separation of the National Transmission Company South Africa (NTCSA).
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African Dawn Investments forms partnership to roll out EV chargers, BESSs across South Africa

Finance company African Dawn Investments has entered into a strategic collaboration with Singapore company WaterCloud International and Chinese original-equipment manufacturer Beny New Energy to spearhead the roll-out electric vehicle chargers (EVCs) and battery energy storage systems (BESSs) across South Africa. The roll out will begin in March and continue over the next five years.
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