PICS: UK, SA partner for Africa’s first renewable energy yield co
Cape Town - British High Commissioner to South Africa Nigel Casey on Wednesday night launched an investment partnership worth £30million (R577m) between Revego Africa Energy alongside Investec to create Africa’s first dedicated renewable energy yield co to be launched on the JSE later this year.
A yield co is a company formed to own operating assets that produce a predictable cash flow, primarily through long term contracts.
This investment is in addition to £14m (R269m) already invested, backing greater BEE involvement in clean energy.
At the same time, Virgin Atlantic announced the reintroduction of Cape Town to London Heathrow flights, with the seasonal service taking to the skies from October. The route will be adding more than 80000 seats between Cape Town and London.
The announcement was made by Virgin Atlantic head of Middle East, Africa and India, Liezl Gericke.
Casey said: “We recognise the particular challenges South Africa faces, and the need for a just transition.
“But without higher ambition from all countries, including South Africa, the 2°C global temperature rise target agreed in Paris will increasingly be out of reach. We’re already helping clean technology in South Africa and are keen to support South Africa set out higher climate mitigation ambition.
“We also need to work to support ambition around adaptation, recognising the impact climate change is already having in Africa.”
The launch is in advance of the 2020 UN Climate Change Conference, known as COP26, the 26th, scheduled to be held in Glasgow, Scotland, from November 9 to 19 under the presidency of the UK.
Casey also launched a new Chevening Africa Climate Change Fellowship.
“The Fellowship will be a bespoke professional development course offered to influential mid-career climate change professionals,” he said.
The launch was at the annual Eve of Parliament event hosted at the High Commissioners residence in Bishops Court and attended by Ministers, Deputy Ministers, MECs and other politicians and officials and top business representatives.@MwangiGithahu