The facility will support South African renewable energy projects and energy efficiency activities with Investec responsible for selection of projects and subsequent investment. The EUR100M will be available for disbursement to selected opportunities over three years from the start of the programme.

“We are delighted to be announcing this facility which has the potential to help the government and industry transform South Africa’s renewable energy efforts,” said Investec’s Fazel Moosa. “Investec’s significant global and local experience in project finance for the renewable energy space as well as its current investment pipeline were instrumental in bringing this deal together. We are convinced that our expertise, coupled with the funding the EIB is providing will support the growth of a green economy in South Africa.”

Investec and the EIB are equal partners in the programme with each contributing EUR50M.