British International Investment (BII) and Norfund invest ZAR 600 million in renewable energy development in South Africa
British International Investment and Norfund will invest ZAR 600 million in H1 Capital to develop renewable energy in South Africa.
In a press release dated March 3, 2022, British International Investment (BII) said that together with Norfund (the Norwegian investment fund), they are investing ZAR 600 million (360 million for Norfund and 240 million for BII) in H1 Capital (a BBEE company) to develop renewable energy in South Africa. The article states that this investment, which focuses on wind and solar projects, will help avoid 5.7 to 6.2 million tons of CO2 per year and add 2.4 GW of clean energy to the country.
“The investment from Norfund and BII will help to improve access to clean and affordable energy in South Africa. The increase in clean energy supply will provide consistent power to cities, villages, townships, businesses and farms, increasing productivity and encouraging economic growth. “ British International Investment
This investment contributes to the achievement of at least 7 SDGs:
- SDG7 on clean and affordable energy
- SDG8 on decent work and economic growth
- SDG9 on industry, innovation and infrastructure
- SDG10 on reducing inequality
- SDG11 on Sustainable Cities and Communities
- SDG13 on climate Action
- SDG17 on partnerships to achieve the goals
“This commitment from the DFIs helps contribute to the UN’s Sustainable Goals (SDG 7) on affordable and clean energy, (SDG 8) on good jobs and economic growth and climate action (SDG 13). The transaction also qualifies for the 2X challenge, which seeks to support businesses that provide women in emerging economies with access to leadership opportunities, quality employment, and products and services that enhance their economic participation and inclusion. “ British International Investment
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