Fin24

IDC allocates billions for green economy

2011-12-08 16:32

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.

Comments
  • Ool - 2011-12-08 17:06

    25 billion? Bet the cadres can wait to funnel that into their private bank accounts...

  • Marius Koen - 2011-12-08 17:06

    Lets take a wild guess that in 5 years time the money will be gone and that we will still breath crap air.

  • Marius Koen - 2011-12-08 17:07

    Anyway, where will this money come from because the taxpayers are taxed to the limit.

      100000859619065 - 2011-12-08 18:10

      Let us for a moment forget the FACT that we just do not have the revenue (in real terms that is), that most of if will follow the deeply entrenched furrows (of government) leading straight to certain 'trust funds'.., etc, etc.., How can you justify-, in fact dream of a 'Green Economy' when you do not even have a properly functioning economy, per se..? The bedrock of an advanced economy is its manufacturing sector and in our case the mining industry - the joke they call the SAcan government has been the direct cause of these industries now being all but incognito. The fraction of the economy that should be occupied by entrepreneurs is in turn a fraction of what it should be - in mostly due to the IDC's archaic pigheaded affirmative action policies. Our 'economy' will soon be so green, it will just be the green feral wasteland, it was 350 years ago. I am not saying we should have smog-filled skies from dirty industries (like eg China) - only for the (common)-sense of getting our priorities straight - else there will soon be NO economy to be 'green'...

  • 100002851738839 - 2011-12-08 17:53

    I believe global warming is not man made.

      Henno - 2011-12-08 17:58

      There is nothing to believe. It is a fact. Read up about it and find out the truth.

  • Vuisa.S - 2012-03-30 00:40

    Who are the 12 IPP's and when was the tender published??

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