Nedbank Group has increased its green finance pipeline to more than R10 billion as more South African businesses invest in private power generation after the government lifted restrictions to help resolve the country's energy crisis. | News24_Business
Nedbank has increased its green finance pipeline to more than R10 billion.
"There are very strong pipelines currently in our business and across the country for private sector generation - that is a very large growth sector in an otherwise challenging growth environment," Nedbank chief executive officer Mike Brown said in an interview with Bloomberg TV in Johannesburg. President Cyril Ramaphosa scrapped a 100MW limit on embedded generation in July, allowing companies and households to produce electricity without a license to meet their own needs and sell to the grid.
Government also doubled renewable-energy procurement to 5 200MW under a so-called bid window six to help accelerate the country's transition from a dependence on coal for more than 80% of its power toward greener energy sources.South Africa has been grappling with intermittent power cuts since 2008 as the state-owned electricity provider Eskom's ageing and poorly maintained coal-fed plants can't meet demand.
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