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The European Investment Bank (EIB) and Development Bank of Southern Africa (DBSA) are each investing €100 million ($110.8 million) in small- and medium-scale solar and onshore wind projects in South Africa. Together, they have now committed €600 million under South Africa’s Embedded Generation Investment Programme (EGIP).
The EIB and the DBSA are each investing €100 million in renewable energy projects in South Africa’s private sector.
The funding comes after a €400 million financing round announced at COP27 in 2022 for DBSA’s embedded generation investment scheme. The program targets small- and medium-sized solar and onshore wind projects developed by independent power producers in South Africa.
Projects supported under the latest investment are expected to produce 384 MW of energy capacity.
DBSA CEO Boitumelo Mosako said that previously funded projects are now starting to come online and contribute to the grid.
In July 2024, South African President Cyril Ramaphosa said the country had more than 22,500 MW of renewable energy products in the pipeline, with upcoming projects expected to bring around ZAR 400 billion ($22.6 billion) in new private investment.
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