French GDF Suez to spend EUR 1.5bn on power plants in South Africa - report

Oct 16, 2013 - French utility GDF Suez (EPA:GSZ) will invest EUR 1.5 billion (USD 2.02bn) in energy projects in South Africa, including in solar and wind farms, evening daily Le Monde said citing statement of President Francois Hollande during his visit to the African country.

GDF Suez is contracted to build a thermal plant and two gas plants as well.

South Africa, which struggled with severe power cuts in 2008, has launched a 20-year investment programme to double its electricity capacity by resorting to diversified sources.

France has become one of the main commercial partners of the country and, since the launch of tenders for renewable energy projects, French companies have conquered a market share of 15% in this field, according to state-owned agency for international business development Ubifrance.

(EUR 1.0 = USD 1.352)

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