The banking sector ' s involvement helps bridge the gap between capital requirements and available funds , allowing these projects to progress and contribute to Africa ' s energy transformation .
In support of the just transition , South Africa ’ s Standard Bank has revealed it is poised and ready to support renewable energy and infrastructure projects .
International funding International organisations and development agencies provide critical support for renewable energy projects in Africa . These institutions offer grants , loans and technical assistance to support the Just Transition . Such funding sources not only provide capital , but also foster knowledge exchange and capacity development .
A case in point is the USD311-million regional project , supported by the World Bank , to increase grid-connected renewable-energy capacity and strengthen regional integration in West Africa .
Energy Investment Village Green Energy Africa ( GEA ) is committed to accelerating the renewable-energy revolution in Africa . Through its Energy Investment Village ( EIV ), it has created a platform that supports new and upcoming renewable-energy companies in accessing the necessary financing .
The EIV creates opportunities for growth for clean-tech start-ups and energy projects . The initiative is open to start-ups in the early stages of rolling out clean-tech projects , as well as large-scale energy projects of between 20MW and 100MW , requiring finance to get off the ground .
In its second year , the EIV is a partnership between Saldanha Bay Innovation Campus and RIIS , supported by Anza Capital and Afida . Last year ' s event saw finalists representing local clean-tech projects pitching to energy leaders holding potential investments worth more than USD100-billion .
The event was won by Brayfoil Technologies , a South African windenergy company , whose adaptive turbine designs enable more efficient applications in the wind energy , aerospace , sailing and automotive sectors . After their win , the Brayfoil team hosted several meetings with potential investors on the sidelines of the GEAS .
Benefits beyond green energy The benefits of investing in green-energy solutions extend beyond the renewables sector , to include Africa ’ s economy . Research indicates that renewables , and other energy transition-related technologies have already created 1.9 million jobs in Africa .
A significant portion of this growth can be attributed to the pivotal role played by the energy transition in stimulating demand for innovative and affordable energy solutions , and spurring job creation .
Today , Africa ' s renewables sector holds immense potential to address the continent ' s energy challenges and boost economic growth , while contributing to global sustainability goals . By embracing the growing range of financing options , the continent ’ s renewable-energy sector can flourish – and set Africa on a course toward a sustainable , low-carbon future . •
Source : Green Energy Africa ( GEA )
References :
1 . https :// www . offshore-technology . com / features / africa-pledges-tomove-towards-renewable-energy-at-cop27 /
2 . https :// www . esi-africa . com / southern-africa / why-does-the-energytransition-require-innovation-in-finance-models /
3 . https :// pressroom . ifc . org / all / pages / PressDetail . aspx ? ID = 26760 #:~: text = The % 20green % 20bond % 20will % 20 contribute , efficient % 20and % 20zero % 20carbon % 20buildings . 4 . https :// www . dbsa . org / press-releases / development-bank-southernafrica-unlocks-green-fund 5 . https :// balwin . co . za / balwin-properties-and-absa-launch-southafricas-first-green-home-loan / 6 . https :// www . esi-africa . com / industry-sectors / future-energy / southafrica-new-green-hydrogen-funding-initiative-to-raise-1-billion / 7 . https :// www . energy . gov . za / files / media / pub / state-of-renewableenergy-in-south-africa . pdf 8 . https :// www . bakermckenzie . com / en / newsroom / 2022 / 10 / energytransition-policies
9 . https :// ppp . worldbank . org / public-private-partnership / library / south-africa-s-renewable-energy-ipp-procurement-program-successfactors-and-lessons-0
10 . https :// www . miningweekly . com / article / we-stand-ready-to-supportrenewable-energy-says-standard-bank-2023-03-10
11 . https :// www . worldbank . org / en / news / press-release / 2023 / 01 / 31 / accelerating-access-to-renewable-energy-in-west-africa
12 . https :// www . irena . org / News / expertinsights / 2022 / Nov / Could-the- Energy-Transition-Benefit-Africas-Economies
www . africanmining . co . za African Mining Publication African Mining African Mining • January 2024 • 69