- ENGIE secures $81.7 million from AIIB to expand solar projects in South Africa, part of a $545 million co-financing deal with IFC and Proparco.
- Recent projects include the 75 MW Graspan solar plant, which will add to ENGIE’s 1.6 GW renewable energy portfolio in the country.
- Support from AIIB and other partners positions ENGIE to drive South Africa’s clean energy transition, focusing on solar and wind power.
ENGIE has received $81.7 million from the Asian Infrastructure Investment Bank (AIIB) to accelerate its renewable energy projects in South Africa. This funding forms part of a larger $545 million co-financing package with the International Finance Corporation (IFC) and Proparco, all focused on supporting ENGIE’s solar expansion in the country.
ENGIE plans to use the AIIB loan to develop several solar power plants. The company continues to grow its renewable energy portfolio in South Africa, with 1.6 GW of projects, including solar and wind installations. Recently, ENGIE launched the 75 MW Graspan solar project in the Northern Cape, following the earlier completion of the Grootspruit plant in Free State.
ENGIE secured AIIB funding for a 400 MW solar project in Gujarat, India, earlier this year. This demonstrates the increasing collaboration between ENGIE and AIIB in advancing global clean energy initiatives.
Jean-Marc Turchini, ENGIE’s Head of Corporate Financing, highlighted the importance of such partnerships in the energy transition. “Our work with the AIIB plays a critical role in pushing the transition forward, and we appreciate their strong support,” he said.
South Africa has prioritised solar energy as part of its strategy to diversify its energy mix and reduce reliance on coal. The government sees solar power as critical in addressing the growing demand for clean electricity.
ENGIE continues strengthening its presence in South Africa’s renewable energy market, with support from international institutions like AIIB. The loan enables ENGIE to fast-track its solar projects, which align with South Africa’s broader clean energy goals.
In addition to solar, ENGIE has committed to wind and other renewable technologies across southern Africa. This expansion reinforces ENGIE’s renewable energy leadership in the country and the wider region.
The Graspan solar project, ENGIE’s second solar plant in South Africa this year, builds on its strategy to scale its renewable footprint in Africa rapidly. These efforts, supported by AIIB, IFC, and Proparco financing, aim to deliver long-term sustainable energy solutions for South Africa.
By securing this $81.7 million loan, ENGIE strengthens its ability to lead South Africa’s clean energy transition. The company’s focus on solar energy taps into the country’s high potential for solar power and contributes to South Africa’s long-term energy diversification strategy.
With continued financial backing from AIIB and other global partners, ENGIE remains committed to expanding renewable energy projects in South Africa. These efforts will help the country reduce its dependence on coal and transition toward a cleaner, more sustainable energy future.