The large-scale renewable energy and energy storage market is a promising avenue for sustainable growth and energy security in SA.
This includes new online sections highlighting key developments and achievements, the key players, legislation and regulation, and the market opportunities and challenges, as well as funding opportunities. Amid the power crisis, SA has gradually been adding renewable energy sources, such as solar and wind, to the national grid in a bid to plug the electricity shortfall.GreenCape points out that the opportunities, drivers and barriers in the renewable energy market are best understood within a national and global context.
Announced at COP 26 in Glasgow in November 2021, South Africa, France, Germany, the UK, US and the EU entered into a long-term partnership, the Just Energy Transition Partnership . Subsequent to this, it adds, South Africa presented its JET-IP at COP 28 in December 2023. The JET-IP covers electricity, new energy vehicles and green hydrogen, and identified $98 billion in financial requirements over the next five years.
The report reveals the private renewable energy offtaker market is a core market for investment into South Africa’s renewable energy sector, either through direct electricity sales or build-to-own projects.