Commenting on the news, Investec's Fazel Moosa said, "The bank's significant global and local experience in project finance for the renewable energy sector and 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."
The facility will support South African renewable energy projects and energy efficiency activities with Investec responsible for selection of projects and subsequent investment. The EUR 100 million will be available for disbursement to selected opportunities over three years from the start of the programme. Investec's sector specialists and credit committee, in accordance with additional investment criteria set by the European Investment Bank to ensure that projects deliver sound environmental benefits and abide by accepted business, environmental, social and labour practices, will evaluate each project.
Plutarchos Sakellaris, VP of the EIB added, "Ensuring reliable electricity supply and more efficient use of energy is essential for economic growth around the world. Working closely with Investec, the EIB looks forward to addressing energy challenges in South Africa."
