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Radebe: We want a quarter of Ramaphosa's $100bn for energy

May 16 2018 16:12
Khulekani Magubane

Cape Town – Minister of Energy Jeff Radebe says $25bn (R310bn) of the $100bn (R1.24trn) President Cyril Ramaphosa is pursuing from other countries and foreign investors must go towards supporting the Department of Energy.

Ramaphosa has already made progress in reaching the massive investment target he set in April. British Prime Minister Theresa May pledged R857m after the president visited the United Kingdom in April.

Speaking to reporters ahead of his budget vote speech in Parliament on Wednesday, Radebe said in order to secure significant investment, South Africa had to convince the global market that it could supply clean, reliable and sustainable energy to the economy.

"We want a quarter of that $100bn."

He said by April 4 the energy department already contributed R56bn through various mechanisms for investments in energy. "We also want to secure strategic stock through fuel tanks and making ourselves a shale gas producer.”

The minister said his budget would focus on matters including the importance of the energy mix in economic growth, gas to power, the balance of renewables and coal.

“What we do will be informed by the Integrated Resource Plan, liquid fuels and gas master plan, and Integrated Energy Plan. We aim to submit the policy to Cabinet by mid-August to bring much-needed certainty to the infrastructure build programme, and assure investors that we can supply power sustainably,” said Radebe.

He said the $25bn would go towards various functions including the renewable sector, new fuel tanks, natural gas, clean fuels and the electrification of transport through strategic partnerships.

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energy  |  foreign investment
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