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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.

March 9, 2023 by

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.
March 9, 2023 by

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.”
March 9, 2023 by

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.”
March 9, 2023 by

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.
March 8, 2023 by

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.
March 8, 2023 by

Karpowership appeal fails, deepening South Africa’s power crisis

Karpowership, the Turkish company seeking to supply 1 220 MW of electricity to South Africa, had one of three appeals against adverse environmental rulings rejected, a person with knowledge of the matter said, potentially delaying a solution to the country’s power crisis. The Department of Forestry, Fisheries and the Environment rejected the appeal to moor a ship-mounted power plant capable of generating about 450 MW at the Coega harbor in the Eastern Cape province, the person said. Decisions on plants planned at the Saldanha and Richards Bay harbors have yet to be communicated to the company, the person said, asking not be identified because the government hasn’t made the information public.
March 8, 2023 by

Mpact focuses on innovation, sustainability to tap growth and higher-value segments

JSE-listed paper and plastics packaging business and recycler Mpact’s product innovation, research and new production capacity is targeting sectors like export fruit, convenience shopping, recycling and waste management. The company is expecting to see sustained growth in these sectors, which are also partly shielded from South African consumer spending patterns.
March 7, 2023 by