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EIB to lend €40m to promote renewables and energy efficiency in South Africa

The loan package to FirstRand Bank is the first dedicated energy efficiency loan in South Africa made by the European Investment Bank (EIB).
The money will finance investments in a range of climate change mitigation activities including renewable energy, and enhance South Africa’s actions to combat climate change and facilitate economic development through improving the reliability of electricity supply.

The total value of eligible projects is €100 million, to which EIB will contribute 40%. Specific focus is on industrial cogeneration, but projects will 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.

Thes loan is part of the EIB’s commitment to promoting economic development across South Africa. 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.

Potential projects currently under consideration include two 3 MW mini hydro power facilities at existing dams in rural areas of South Africa.

The loan is part of the EIB’s specific mandate for funding in the Republic of South Africa and is the fourth financial package provided to South Africa this year by the EIB and follows both the EIB’s specific objectives and wider European Union policy goals concerning energy efficiency and contributing to reliable energy supply crucial for economic development.


Additional information:
News date: 01/12/2009

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