Sunday, November 7, 2010

Clean Technology Fund to invest $85m in SA

The World Bank's Clean Technology Fund plans to invest $85-million in renewable energy and co-generation projects in South Africa, according to an advertisement in the Business Day newspaper on Friday.

The fund said it had $50-million available for wind and solar renewable energy projects and $35-million for co-generation, where waste energy and gases are used to produce power.

The $85-million was part of a total $150-million allocated for investment in South Africa, with the remainder being managed by the African Development Bank.

South Africa's state-owned power utility Eskom has said it will conduct more research in clean technology as it seeks a new World Bank loan to finance renewable energy power projects.

The World Bank in April approved a controversial $3,75-billion Eskom loan to develop a coal-fired power plant in South Africa despite the lack of support from the country's key Western allies.

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