South Africa to use European funds for renewables plan including hydro

The government of South Africa plans to promote renewable energy projects, including small hydropower using a 40 million euro (US$57.4 million) loan from the European Investment Bank.

South Africa is to seek services for the projects in accordance with procurement guidelines of the EIB, which agreed to contribute 40 percent of the total cost of the 100 million euro (US$143.5 million) program.

EIB is working with FirstRand Bank of South Africa to increase electricity generation capacity and promote use of renewable energy. Sub-projects are to be identified and individual loans structured by Rand Merchant Bank, FirstRand’s investment banking division.

Potential projects currently under consideration by Rand Merchant Bank include development, construction, and operation of two 3-MW hydropower projects at existing dams in rural areas of South Africa. They are estimated to offset carbon dioxide emissions by a total of 30,000 tons per year.

For general information, contact:
o European Investment Bank, Richard Willis, Luxembourg; (352) 621555758; E-mail: willis@eib.org; Internet: www.eib.org;
o FirstRand Bank, Beth van Heerden, Sandton, South Africa; (27) 11-2824361; E-mail: beth.vanheerden@firstrand.co.za.

For more hydropower tenders, click here.

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