The Johannesburg-based company ultimately has a target of adding as much as 5,000 megawatts of assets. It’s invested in more than 700 megawatts already and looking with partners at an additional 2,000 megawatts by the end of the second quarter next year.
“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 Group Ltd., that together made up 6.5 billion rand of renewable assets, forming a fund known as African Rainbow Energy. Lifting the cap on the license exemption has dramatically changed the landscape for private generation, Dames said. Grid access remains one of the biggest challenges for South Africa to add more renewable energy.
Is this why they are sabotaging Eskom?
Very good but isn't it a bit anti-competitve?
LondiNkosi_ No surprises there
Rich become richer