Pacific Investment Management has agreed to lend Development Bank of Southern Africa R3bn, the first deal in a UN programme to fund green energy in Africa.There is “ongoing interest from our stakeholders in well-structured products that also achieve tangible progress for sustainable energy development in Africa,” Scott Mather, Pimco’s chief investment officer, said in a statement on Tuesday.
The UN Economic Commission for Africa is running the programme, which aims to see the construction of 10,000MW of green energy generation capacity. Leaders in Africa are pushing for funding to transition away from the fossil fuels their economies already use and to build the clean energy they need to power industrialisation plans.
“What we thought of was, many years later are we still going to be running after the $100bn or are we going to try a new and innovative approach,” to bring in the private sector, she said. There are a number of other deals under discussion that could follow SA and Pimco had an appetite for an amount four times the size of the initial deal, she said.Bloomberg News. More stories like this are available on
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