African Rainbow Energy and Power, backed by South African billionaire Patrice Motsepe, is looking to boost renewable power generation sevenfold to become one of the biggest clean electricity providers on the continent.
African Rainbow Energy and Power , backed by South African billionaire Patrice Motsepe, is looking to boost renewable power generation sevenfold to become one of the biggest clean electricity providers on the continent.
“We’ve always thought we should build up scale” and create a significant energy company, said AREP Chief Executive Officer Brian Dames. South Africa’s renewable auctions were delayed for years as a plan to build nuclear capability was favored during the presidency of Jacob Zuma.“There was a lot of time to explore,” Dames said. AREP now holds mostly solar assets along with a third generated by wind and a small portion of biomass. The company has interest in the secondary market that’s set to open up and could potentially include energy trading, he said.
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