Nedbank has increased its green finance pipeline to more than R10 billion.
"There are very strong pipelines currently in our business and across the country for private sector generation - that is a very large growth sector in an otherwise challenging growth environment," Nedbank chief executive officer Mike Brown said in an interview with Bloomberg TV in Johannesburg. President Cyril Ramaphosa scrapped a 100MW limit on embedded generation in July, allowing companies and households to produce electricity without a license to meet their own needs and sell to the grid.
Government also doubled renewable-energy procurement to 5 200MW under a so-called bid window six to help accelerate the country's transition from a dependence on coal for more than 80% of its power toward greener energy sources.South Africa has been grappling with intermittent power cuts since 2008 as the state-owned electricity provider Eskom's ageing and poorly maintained coal-fed plants can't meet demand.
_Business Good move. Are they divesting from FF investments too though?