The European Investment Bank (EIB) and FirstRand Bank have announced a €400-million (R7.9-billion) joint initiative to invest in renewable-energy infrastructure and energy efficiency projects in South Africa.
Each party will contribute €200-million to the initiative, with the investment aimed at increasing the supply of reliable, affordable, clean and sustainable energy in the country, reducing dependence on fossil fuels.
The investment is part of Global Gateway, Europe’s external strategy for clean and sustainable infrastructure, and complements the Just Energy Transition Partnership (JETP) to support South Africa’s decarbonisation and to foster new opportunities in the new green economy.
"The bank’s approach to helping its clients shift to renewable energy and enhance climate resilience supports South Africa’s efforts to address the country’s climate change and energy supply challenges," says FirstRand Group treasurer Bhulesh Singh.
“As the EU’s climate bank, the EIB is committed to working with its partners to support a green transition. Companies have recognised the business opportunities in moving to clean energy technologies; EIB financing is there to back those investment needs," comments EIB VP Ambroise Fayolle. 