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May 21, 2012

Bank pleased with its share of R28bn renewables projects

Africa|Hydropower|Nedbank Capital|PROJECT|Projects|Renewable Energy|Renewable-Energy|Solar|Africa|South Africa|Energy|Renewable Energy Developers|Dipuo Peters|Infrastructure|Mike Peo|Power
Africa|Hydropower|PROJECT|Projects|Renewable Energy|Renewable-Energy|Solar|Africa||Energy||Infrastructure|Power
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Banking group Nedbank Capital said it was partnering with 39% of the 19 renewable energy developers named by the South African government as preferred bidders under the R100-billion Renewable Energy Independent Power Producers Programme, or REIPPP.

Energy Minister Dipuo Peters identified one concentrated solar power project, as well as nine solar photovoltaic, seven onshore wind and two small hydropower projects as preferred bidders, following the conclusion of a process that involved the evaluation of 79 bids submitted by the March 5 deadline.

Collectively, the projects represented nearly R28-billion in private capital projects and they follow on from the 28 preferred bidders names in December, whose solar and wind projects represented a combined R46-billion in potential direct investments into South Africa’s nascent renewables sector.

Nedbank Capital’s infrastructure, energy and telecoms head Mike Peo said the announcement would go a long way towards easing any lingering doubts about the South African government’s commitment to its Integrated Resource Plan, which outlines the deployment of some 17 000 MW of renewable capacity by 2030.

The current request for proposals, which had been broken into a number of bidding widows, was for the procurement of 3 725 MW of capacity to be introduced to the South African grid between 2014 and 2016.

Peo said investments had already been made into South Africa by global renewables manufacturers and investors and argued that it was possible that South Africa could emerge as a renewables hub for the rest of Africa over the coming decades.

Edited by: Creamer Media Reporter
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