ENGIE Secures $82M for South Africa Solar

November 10, 2024 • Estimated Reading Time: 2 minutes

Key Figures & Findings: ENGIE, a global energy company committed to accelerating clean energy transitions, has obtained $81.7 million from the Asian Infrastructure Investment Bank (AIIB) in a green loan package totaling $545 million. This initiative, co-financed by the International Finance Corporation (IFC) and Proparco, aims to expand ENGIE's solar projects in South Africa, a country seeking to diversify its energy sources to reduce its dependence on coal. Jean-Marc Turchini, ENGIE’s Head of Corporate Financing, expressed appreciation for AIIB's support, noting that partnerships are essential for achieving renewable energy ambitions. The funding will allow ENGIE to proceed with projects like the recently launched Graspan solar project, following their earlier Grootspruit plant in the Free State.

Statistics & Insights: ENGIE’s renewable energy portfolio in South Africa comprises 1.6 GW of solar and wind projects, including the 75 MW Graspan solar plant. This recent loan adds momentum to ENGIE’s initiatives, supporting the country’s goal to strengthen its clean energy infrastructure

Future Implications: If ENGIE’s solar projects reach planned capacity, they could provide substantial clean energy for South Africa by 2028, supporting the country’s transition away from coal reliance