African Rainbow Energy and Power, backed by South African billionaire Patrice Motsepe, plans to become one of the biggest clean electricity providers on the continent.
African Rainbow Energy and Power, backed by South African billionaire Patrice Motsepe, is looking to boost renewable power generation sevenfold to become one of the biggest clean electricity providers on the continent. “We’ve always thought we should build up scale” and create a significant energy company, said AREP Chief Executive Officer Brian Dames. That’s meant involvement in projects realized through South African government auctions to buy power as well as generation for commercial use. The company also plans to have capability as an operator.
AREP last year formed a joint venture with Absa, that together made up R6.5 billion of renewable assets, forming a fund known as African Rainbow Energy.
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