Crown Publications - IDC to finance 12 of the 28 Successful Power Producers

The Industrial Development Corporation (IDC) has approved funding for 12 of the 28 Preferred Bidders under the South Africa Department of Energy Renewable Energy Independent Power Producer Procurement Programme, that have been appointed by the Department of Energy to kick-start solar and wind energy generation for South Africa.

Commenting on the announcement made by the Minister of Energy at COP17 yesterday (7 December), the CEO of the IDC, Mr Geoffrey Qhena said: "We congratulate all successful bidders on their commitment to building capacity within the renewable energy generation sector. The IDC is mandated to play a significant role in implementing the New Growth path (NGP) and renewable energy generation is a key part of the green industries sector prioritised in the NGP."

Ms Rentia Van Tonder, Head of the Green Industries Business Unit at the IDC said: "The IDC has approved R5.2 billion rand towards the implementation of the 12 projects. These are located in various provinces of South Africa including the Northern Cape, Western Cape, Eastern Cape and North West and are expected to boost much- needed economic activity in these areas."

All 12 preferred bids have broad based BEE participation by communities and will further enhance the localisation of green industries in South Africa.

In total, the IDC has allocated R 25 billion over the next five years towards developing and financing industries that enhance South Africa's transition to a green economy.

The Industrial Development Corporation ( IDC)

Established in 1940, the IDC is a national development finance institution set up to promote economic growth and industrial development. It is owned by the South African government under the supervision of the ministry of Economic Development.

The Green Industries Business Unit of the IDC develops and invests in industries that enhance the environment and support the reduction, avoidance and adaptation of carbon emissions. Sub-sectors it focuses on are non-fuel-based green projects such as those in the renewable energy, energy efficiency and demand side management, emissions and pollutions management.

IDC IPP projects approved by Department of Energy (Total projects value R 20.3bn with IDC funding of R5.35bn)