EIB and DBSA Commit Additional Funds to Boost South Africa's Renewable Energy Capacity

The European Investment Bank (EIB) and Development Bank of Southern Africa (DBSA) have announced an additional 200 million euros in loans for renewable energy projects in South Africa. This funding supplements the 400 million euros pledged at COP27 and aims to accelerate the transition from coal to renewable energy.

The European Investment Bank (EIB) and Development Bank of Southern Africa (DBSA) announced on Wednesday that they will jointly provide an additional 200 million euros ($220.16 million) in financing for renewable energy projects in South Africa.

This new concessional financing is in addition to the 400 million euros both banks had pledged during the COP27 climate summit in 2022, aimed at supporting independent power projects in the country, Africa's most industrialized economy.

With the renewed commitment, each bank will contribute another 100 million euros to support small- and medium-sized renewable energy projects, primarily focusing on solar and onshore wind capacity. The supported projects are expected to add 384 megawatts of new renewable energy capacity.

(With inputs from agencies.)