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IDC allocates billions for green economy

Dec 08 2011 16:32 I-Net Bridge

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Johannesburg -  The Industrial Development Corporation (IDC) on Thursday said it had set aside R25bn for developing and financing industries that enhance South Africa's transition to a green economy.

This amount will be spent over the next five years, the state-owned finance agency said in a statement.

Already the IDC is funding 12 of the 28 preferred independent power producers (IPPs) announced by the department of energy on Thursday.

"The IDC has approved R5.2bn towards the implementation of the 12 projects," said Rentia van Tonder, head of the IDC industries business unit.

The IDC's backing of these 12 IPPs is based on broad-based black economic empowerment participation by communities and stands to further enhance the localisation of green industries in SA.

The department on Thursday released its first list of preferred IPPs after a request for proposals closed early November.

"From phase 1 of the large-scale renewable project, 53 bids amounting to 2 128 MW (megawatts) were received across wind, solar PV, solar CSP and small hydro. The evaluation resulted in 28 bids with a total MW of 1 416 being selected as preferred bidders," said the department.

SA wants to procure 3 725 MW of renewable energy through this process.

According to the integrated resource plan, a 20-year projection on electricity supply and demand, about 42% of electricity generated in South Africa is required to come from renewable resources.

There are five window phases in which potential bidders can submit their bids to provide power, with the second deadline in 2012.
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