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Absa Green Deposit investment product for corporates to invest in green assets

Financial services firm Absa has secured the opening investment in its Absa Green Deposit, which is an investment product that will link funds raised to a ring-fenced portfolio of eligible green assets and provide corporate companies in South Africa with an attractive yield. This initial tranche of funding will be used to finance or re-finance an equivalent amount of renewable energy projects. The initial investment was made by Italian utility local renewable energy subsidiary Enel Green Power South Africa.
March 31, 2023 by

Major player moving to secure power purchase agreements

As South Africa’s energy crisis continues, global renewable resource company Sappi is actively engaging with independent renewable-energy producers to secure renewable energy as and when it becomes available, through power purchase agreements. Buying renewable energy is one of three investment categories under the company’s South African decarbonisation and/or energy plan.
March 31, 2023 by

De Ruyter to meet with lawmakers about corruption allegations

Andre de Ruyter, the former CEO of State-owned power utility Eskom Holdings who said the organisation was riddled with corruption, has agreed to appear before the South African parliament’s Standing Committee on Public Accounts and also present a written submission. He will be asked about corruption, theft, maladministration, sabotage, lack of consequence management, cartels and other financial irregularities at Eskom, the committee said in an emailed statement. A date for the meeting hasn’t been set yet.
March 30, 2023 by

Nordex, EU partners seek to ensure fully recyclable turbines by 2032

Onshore wind turbine manufacturer Nordex is participating in a sustainability project, funded by the European Union (EU), to drive the recycling of high-value materials from wind turbine blades. Currently, 85% to 95% of a Nordex wind turbine is recyclable. For many of the materials used, there are established recycling processes for environment-friendly disposal, especially for steel and concrete, which make up the largest share of a wind turbine in the tower and foundation.
March 30, 2023 by

Cabinet approves Electricity Bill

Deputy President Paul Mashatile is engaging with parliament in the expediating of a number of Bills which are a priority for the country, including the Draft Electricity Amendment Bill. This was according to Minister in the Presidency Khumbudzo Ntshavheni who briefed the media on the outcomes of the Cabinet meeting held on Wednesday.
March 30, 2023 by

Cabinet approves Bill to open power market

Cabinet approved a Bill on electricity regulation designed to clear the path for private generation projects and power trading. State-owned Eskom Holding has provided more than 90% of electricity used by the most industrialized nation on the continent for a century. The Electricity Regulation Amendment Bill outlines an entity to buy power as a step toward establishing a competitive market.
March 30, 2023 by

South African catastrophes, power woes signal end of cheap insurance

Three major jolts in as many years coupled with the once unthinkable possibility of a power grid collapse have spooked reinsurers in South Africa, spelling an end to cheap coverage in the continent’s most developed insurance market. Insurance premiums are climbing worldwide on the back of rising inflation and interest rate hikes. But reinsurance rates in South Africa are outstripping the global trend – in some cases tripling – as insurers grapple with an unprecedented claims load, six industry executives told Reuters.
March 30, 2023 by

Delaying solar investment could prove a mistake

Solar solutions company Terra Firma Solutions chief business development officer Ben Snyman has said it would be a mistake to delay investing in a solar system to see if the price drops.   “Solar costs have pretty much remained constant for the last five years. Prior to that, it was substantially more expensive but over the last four or five years, it’s pretty much remained constant,” he said on March 29. 
March 29, 2023 by