The European Investment Bank (EIB) and the Development Bank of Southern Africa (DBSA) have formally agreed on a €200m EIB financing in South Africa that will back a new €400m (ZAR7.2bn/US$420m) financing programme, targeting embedded generation, which is expected to unlock 1,200 MW of private sector renewables across South Africa.
DBSA’s Embedded Generation Investment Programme (EGIP) supports the development and upscaling of solar photovoltaic and wind embedded generation projects, developed by independent power producers (IPPs) operating in South Africa, i.e., renewable power generation from smaller-scale power plants that are planned for their own use. EGIP offers a credit support mechanism through the provision of risk capital.
The financing will be available for solar PV and wind energy projects and potentially also energy efficiency projects promoted by the private sector in South Africa. The new initiative is expected to avoid 3.6 Mt of CO2 emissions once all the supported projects are operational.
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