EIB, DBSA commit EUR 200m to back renewable projects in S Africa

The European Investment Bank (EIB) and the Development Bank of Southern Africa (DBSA) will each provide an additional EUR 100 million (USD 110.4m) to support solar and wind power projects in South Africa, bringing the total funding under a previously launched initiative to EUR 600 million.

The fresh financing complements a EUR-400-million commitment made by the EIB and the DBSA in 2022.

The additional funding will back projects in the private sector representing 384 MW of fresh renewable energy capacity, the EIB said on Wednesday.

The financing initiative is part of the EU's strategy Global Gateway which is aimed at bolstering global sustainable infrastructure development, particularly in regions like Africa, Asia, and Latin America.

The financing comes in addition to EIB’s EUR-1-billion commitment under the initiative Just Energy Transition Partnership (JETP) which backs South Africa's decarbonisation efforts.

(EUR 1 = USD 1.104)

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