Electric technologies and energy solutions provider WEG has partnered with strategic energy investment company Energy Venture Capital (EVC) to provide funding of between R5-million and R500-million to hybrid energy projects in South Africa.

The companies have signed a memorandum of understanding to jointly evaluate hybrid energy projects on a case-by-case basis and offer funding opportunities consistent with the energy market.

The partners will primarily support projects for commercial, industrial, residential and institutional sites seeking infrastructure such as battery energy storage systems (BESSes), mixed-use commercial park power supply, electric vehicle (EV) charging stations, grid-level backup power, site electrification and backup and primary power resilience.

The companies point out that the groundswell of South Africa's energy transition occurs at office complexes, shopping malls, schools, mixed industrial, healthcare, telecommunications, agriculture, wastewater management and discrete mining operations.

They add that, despite enthusiasm for the energy market, many financing institutions have not adapted to the nuances and relative risks of these energy projects.

Formed by former C-suite leaders, EVS aims to tackle the rising energy costs straining corporate budgets by alleviating financial burdens and processes.

"At EVC, we are always keen to support strong energy projects, especially those that help communities, corporations and institutions establish energy resilience and control energy costs. WEG is a widely recognised original-equipment manufacturing leader in delivering energy infrastructure with a strong project pipeline. Our alignment adds the missing piece, which is sensible and timely financing for energy projects of different sizes," EVC CEO Dion Mhlaba comments.

WEG's energy solutions include solar, BESSes, generator sets, transformers, low- and medium-voltage switchgear, EV chargers and various balance of system and balance of plant systems. It supplies components and designs services through a nationwide network of partners, backed by nationwide logistics and several local manufacturing sites.

"WEG supplies many products and services to the energy market, including equipment design, manufacturing and support for integration and installation. A problem we frequently encounter is that energy projects cannot secure funding or have to endure convoluted approval processes, long delays and terms that are not always compatible with how the energy market operates.

"So we joined forces with EVC. They understand the energy market and its financing requirements, and commit to financing that will grow energy modernisation," says WEG Africa CEO Eduardo Werninghaus.