African Rainbow Energy and Power is looking to boost renewable power generation to become one of the biggest clean energy providers in South Africa and Africa.
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.
A rule change that allows generators to set up projects of as much as 100MW without seeking a licence has provided a recent boost for AREP.“We’ve always thought we should build up scale” and create a significant energy company, said AREP CEO Brian Dames. That’s meant involvement in projects realised through South African government auctions to buy power as well as generation for commercial use. The company also plans to have capability as an operator.
“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.AREP last year formed a joint venture with Absa, that together made up R6.5-billion of renewable assets, forming a fund known as African Rainbow Energy.
South Africa last month registered the biggest projects, two solar stations at 100MW each, to cut red tape and help increase the pace of private generation by not requiring a licence. The projects are being developed in North West province by Sola Group, which is 40% owned by AREP.
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