This would form the first dedicated energy efficiency loan in South Africa made by the Bank. The funding will enhance South Africa’s contribution to combating climate change and facilitate economic development.
The EIB is active in Africa, the Caribbean and the Pacific (ACP) under the Cotonou partnership agreement. The Republic of South Africa is one of the ACP countries but receives EIB funding under a separate mandate. In October 2007, the EIB signed a Declaration of Intent with the Government of the Republic of South Africa, pledging financial support, and from 2007 to 2013, the EIB will lend up to EUR 900 million to South Africa.
EIB Vice-President responsible for activities in South Africa, Plutarchos Sakellaris, said: “Working closely with FirstRand Bank to increase electricity generation capacity and promote use of renewable energy will make a key contribution to sustainable growth in the country.”
The total investment estimate of the current pipeline of eligible projects is EUR 100 million, to which EIB would contribute 40%. Specific focus will be on industrial cogeneration, but projects are also likely to include support for renewable energy schemes, waste or landfill gas for heat and power generation, and energy efficiency installations in residential, public or commercial buildings.
Read moreEIB press release
