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Nedbank sees R10bn pipeline of green energy projects

Nedbank Group has increased its green finance pipeline to more than R10-billion as more South African businesses invest in private power generation after the government lifted restrictions to help resolve the country’s energy crisis. “There are very strong pipelines currently in our business and across the country for private sector generation – that is a very large growth sector in an otherwise challenging growth environment,” Nedbank Chief Executive Officer Mike Brown said in an interview with Bloomberg TV in Johannesburg. “It is going to take probably two to three years before that connects to the grid and fixes the problem.”
April 13, 2023 by

Ramaphosa underlines commitment to energy and freight reforms as he unveils new R2tr investment …

President Cyril Ramaphosa unveiled a new investment target of R2-trillion for the five-year period to 2028 at the fifth edition of the South African Investment Conference on Thursday, where he also received new pledges from domestic and international investors that enabled him to confirm that the R1.2-trillion target set in 2018 had been exceeded. The event took place in a context of ongoing power cuts, which the President acknowledged were weakening confidence, tainting international perceptions about South Africa and undermining investment sentiment and decisions.
April 13, 2023 by

Eskom’s biggest union demands 15% wage hike as power cuts worsen

The biggest labour union at South Africa’s Eskom Holdings wants a 15% wage increase even as the utility fails to generate adequate electricity to meet the country’s needs, resulting in nationwide power cuts. The National Union of Mineworkers wants the same raise for all workers along with other increases in allowances for housing and other benefits, it said in a copy of the letter to Eskom seen by Bloomberg.
April 13, 2023 by

Emissions from electricity may have already peaked as wind and solar take over

Global carbon dioxide (CO2) emissions linked to electricity generation may have peaked in 2022 and will begin to decline as wind and solar power take over from fossil fuels. The pace of the reduction of CO2 emissions’ stemming from the power sector is critical toward limiting global warming and preventing more damage from climate change. According to researchers at climate think-tank Ember, emissions will begin to drop slightly this year, and will get bigger every year as wind and solar grow further.
April 13, 2023 by

Morocco’s OCP borrows $110m to build four solar plants

Morocco’s State-owned phosphates and fertiliser producer OCP said on Wednesday it signed an agreement with the International Finance Corporation (IFC), the World Bank’s investment arm, on a €100-million ($110-million) loan to build four solar plants to power its industrial operations. The loan is part of an OCP investment plan worth 130-billion dirhams ($12.8-billion) to increase fertiliser production using renewable energy by 2027.
April 13, 2023 by

Ramaphosa to announce new investment target amid confidence-sapping electricity and freight crises

President Cyril Ramaphosa will outline what actions South Africa is taking to tackle its economically debilitating electricity crisis when he addresses investors at the fifth South African Investment Conference on Thursday, Presidential spokesperson Vincent Magwenya has confirmed. The event will take place amid an intense period of rotational power cuts, with Eskom having declared Stage 5 and 6 loadshedding for Wednesday and Thursday, as well as serious disruptions to the supply of electricity to residents and businesses in parts of Pretoria, including car manufacturer Ford, following the catastrophic collapse of seven power pylons on Sunday night, possibly precipitated by the vandalism of a pylon along the N4 East freeway.
April 12, 2023 by

Loadshedding bumped to Stage 6

Stage 6 loadshedding will be rolled out from 16:00, Eskom said on Wednesday afternoon. It will continue until 05:00 on Thursday, when Stage 5 will kick in until 16:00 on Thursday. The pattern will be repeated daily until further notice.
April 12, 2023 by

Bushveld announces further steps to carve out independent energy storage entity

Integrated primary vanadium producer and energy storage solutions provider Bushveld Minerals has announced that VRFB Holdings (VRFB-H) has entered into a conditional agreement with Garnet Commerce and Mustang Energy, pursuant to which VRFB-H has agreed to acquire Garnet’s 50% interest in Enerox Holdings Limited, which wholly owns Enerox, for $33.17-million in cash and shares. This is the latest in a series of transactions aimed at providing Enerox and its CellCube brand access to the capital markets, the ability to achieve a transparent market value and attract energy-focused investors, Bushveld CEO Fortune Mojapelo said on April 12.
April 12, 2023 by

South Africa should not shy away from costs of fixing power crisis – Minister

South Africa should not shy away from spending to fix the country’s power crisis, its electricity minister told Reuters, ahead of a cabinet decision later this month on his proposals to end the worst power blackouts on record. Kgosientsho Ramokgopa, appointed last month to the newly created role, was speaking in an interview less than two months after the National Treasury granted state utility Eskom R254-billion of debt relief over the next three years.
April 12, 2023 by