New generation capacity is needed due to South Africa’s ageing coal fleet and renewable energy is the “cheapest and quickest to deploy,” de Ruyter told an online event organised by Standard Bank. “There’s an opportunity to create an entirely new industry.”
State-owned utility Eskom is targeting net zero greenhouse gas emissions by 2050. Its strategy includes adopting cleaner-fuel technologies and renewables for older power stations, and allowing its land to be used for renewable projects. The company this month signed agreements with four independent power producer investors to lease land to build new clean energy capacity.