New energy platform for renewable technologies in South Africa

Energy company, African Rainbow Energy and Power (AREP) and Absa bank launch a new renewable energy investment platform to expand the pool of funding for renewable energy developments.

African Rainbow Energy is a platform that accelerates the company’s plans to expand and diversify its energy base through the Renewable Energy Independent Power Producer Programme (REIPPP).

AREP will make an initial investment of assets covering wind, solar photovoltaic and biomass projects with an installed capacity of more than 700 megawatts of renewable energy. Absa will make an initial investment of R500 million in cash, and transfer R5 billion of its existing renewable energy assets to African Rainbow Energy,” said the companies in a statement.

African Rainbow Energy will invest in renewable technologies including solar, wind, and battery energy storage solutions, the companies said.

According to the companies, the platform has secured a deep investment pipeline and has partnered on a number of bids into Round 5 of South Africa’s highly successful REIPPP.