02 Dec 2011

Investec in SA renewable energy fund

Sapa

Johannesburg - Investec [JSE:INL] and the European Investment Bank (EIB) have agreed to set up a €100m (about R1.09bn) renewable energy funding facility in South Africa, the investment company said on Thursday.

"This will promote clean energy generation and energy efficiency initiatives in South Africa in line with the government's recent Green Economy Accord," Investec said in a statement.

Investec and EIB were equal partners, with each investing €50m (about R546m).

Investec consultant Fazel Moosa said the company would be responsible for selecting the projects in which to invest.

The €100m would be available over three years from the start of the programme.

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