African Rainbow Energy and Power, Absa Launch Renewable Energy Fund

Clean energy solutions company African Rainbow Energy and Power (AREP) has partnered with Absa, the South-African based financial services group, for the launch of one of South Africa’s most diverse privately owned energy businesses – African Rainbow Energy (ARE).

Established with the aim of enhancing the availability of funding for renewable energy developments, ARE will center around solar, wind and battery storage to significantly improve access to electricity country wide, increase private sector participation, and spur socio-economic growth.

Under the terms of the partnership, ARE’s gross assets will total R6.2 billion across 31 renewable assets, with Absa investing an initial R500 million along with the transfer of R5 billion of current assets and AREP transferring 700MW of assets regarding solar, wind and biomass to the newly launched company.

“The private sector is simultaneously expanding its energy supply. This is an important step for the South African economy, which aims to source reliable and cost-effective renewable energy to drive growth and employment,” stated the companies in a joint statement.

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Source: EnergyCapitalReport

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