Spain earmarks R42-billion to support South Africa’s energy transition
€2.1-billion to help fund South Africa’s energy transition and water needs, even as some of the world’s richest nations struggle to push forward on a ground-breaking climate-finance initiative with the country.
“This is the first time in history we have done something like this,” Robredo said in an interview at Spain’s embassy in Pretoria. “It is tailor-made just for South Africa,” with the potential to replicate it in other countries, he said. Capital investments will be done together with Cofides and the IDC, with clear exit prices and dates, Robredo said. There will be a requirement that while those projects will be 100% financed, 30% must go to Spanish companies in the form of equity or procurement, he said. “Spanish participation is needed. There must be a return to the taxpayer.”The funding will cover potential investments in renewable energy, battery storage, transmission, green hydrogen and electric vehicles.
Denmark has funded knowledge-exchange programmes on topics such as power-market operation and energy regulation, and oversaw the mapping of South Africa’s wind resources.
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