Financial institution Standard Bank announced last month it had finalised an agreement to support global carbon project developer The African Stove Company (TASC) with funding for what is believed to be the first carbon credit project of its kind in South Africa. The carbon credit project has been designed to combat climate change and simultaneously drive positive social outcomes in rural areas.
Mineral Resources and Energy Minister Gwede Mantashe confirmed that an update of the Integrated Resource Plan, which he has previously dubbed ‘IRP2023’, had served before Cabinet on November 29, but that his Ministerial colleagues had requested more deliberation time before approving the document for public consultation. Speaking in Pretoria at a briefing held to announce the identities of four battery storage preferred bidders, as well as to sign agreements opening the way for a hybrid solar/battery project, Mantashe also stated the IRP would be considered at a special Cabinet meeting scheduled for the coming week.
The South African government has selected preferred bidders for the development of four utility-scale battery energy storage system (BESS) projects in the Northern Cape, with a combined investment value of R10-billion. The four BESS installations will have a combine capacity of 360 MW/1 440 MWh, with three using lithium-ion battery technology, and one being a lithium-iron-phosphate solution.
Specialist investment manager Stanlib has launched the Khanyisa Energy Transition Fund (KETF) to spark investment in energy transition assets.
Khanyisa, meaning “to illuminate”, is a range of funds created by Stanlib to advance economic and social benefits across the country, with the United Nations’ Sustainable Development Goals (SDGs) in mind.
One of the challenges standing in the way of South Africa becoming a world-class green hydrogen producer is that South Africa is a water-scarce country, and that enormous volumes of water are needed to produce hydrogen, law firm Bowmans associate Marga Jordaan has said. “[We] need to take into account sustainable water use for communities, which is also a constitutional right, and to weigh that up with the economic growth in respect of the export and production of hydrogen,” Jordaan said at a seminar at Bowmans’ offices in Sandton on November 29.
The Umoyilanga hybrid renewables-battery project, which will supply 75 MW of dispatchable electricity daily from 05:00 to 21:30 when built, has officially achieved commercial and financial close and is expected to begin commercial operation in March 2025. The project is being developed by EDF Renewables and Perpetua Holdings, with financial backing from Nedbank, Rand Merchant Bank and the Development Bank of Southern Arica.
Eskom announced a marginal drop in loadshedding on Thursday due to improved generation recovery and emergency reserves. Stage 3 loadshedding kicked in at 10:00, and will continue until 16:00, when Stage 4 will resume. However, Stage 5 loadshedding will be implemented from 20:00 until 05:00 on Friday, instead of the previous Stage 6.
Global body the International Energy Agency (IEA) will seek to secure commitments from all governments to improve the global average rate of energy efficiency from 2% a year to 4% a year at the United Nations Climate Change Conference of the Parties (COP) 28 to be held in Dubai from November 30. This goal of doubling yearly energy efficiency improvement is not only achievable but will help to address a significant amount of the greenhouse-gas emissions reductions targets, and improve energy security and help to reduce energy prices, IEA executive director Dr Fatih Birol said during the launch of the IEA ‘Energy Efficiency 2023’ report, on November 29.
UK development finance institution British International Investment (BII) will invest R125-million in two 140 MW wind farms in the Northern Cape and Eastern Cape to help tackle South Africa’s energy crisis and accelerate economic growth. The two wind farms are currently under construction, are expected to reach completion in 2024 and will provide clean, affordable energy to South Africa. This is part of a three-project cluster being co-developed by renewable energy investment company H1 Capital and energy company EDF Renewables.
Business Unity South Africa (Busa) president Adrian Gore has warned that the pace of delivery across the joint initiatives being taken with government on electricity, logistics and crime is “plateauing” and has called for a greater sense of “urgency and determination” to re-establish momentum. In a joint statement released following the latest high-level meeting between business and government convened by President Cyril Ramaphosa on Tuesday, Gore attributed the recent lack of progress to “delays in regulatory and other approvals, as well as a slippage on the implementation of strategic plans, and the alignment of these to workable funding solutions”.
INDUSTRY NEWS
- Shell pursuing ‘green’ initiatives at Alberton depotNovember 28, 2024 - 5:04 pm
- Updated IRP report to be released ahead of Cabinet approval, Mathe confirmsNovember 28, 2024 - 5:04 pm
- Regulations governing private participation in transmission network will be out early in 2025, …November 28, 2024 - 5:04 pm
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