IDC to invest billions in South African renewable energy
13 April 2011
South Africa's renewable energy industry is set to be one of the main beneficiaries of the Industrial Development Corporation's (IDC) new five-year investment plan.
The self-financed, state-owned national development organisation has announced that it will be increasing its funding for new growth path priorities to R102 billion (£9.3 billion) this year.
This represents a 160 per cent increase over actual approvals in the last five years and revised upward from the R66 billion in its current five-year projections," economic development minister Ebrahim Patel said
IDC chief executive Geoffrey Qhena said that nearly two-thirds of the investment has already been allocated to the three priority areas of green industries: Mining (R22.4 billion), beneficiation (R22.1 billion) and manufacturing (R20.8 billion).
In the green economy, the IDC has a "pipeline of projects" of varying sizes, Mr Qhena said. The organisation is also looking to finance two industrial infrastructure projects with Transnet.
Meanwhile plans to invest R25 billion in improving renewable energy and the green economy, were announced by the economic development minister this week.