South Africa’s Public Investment Corporation ploughs capital into solar projects
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South Africa’s state-owned Public Investment Corporation (PIC) is planning to invest 22 billion rand in two solar power plants, based in Xina and Ilangalethu, in an effort to boost renewable energy output.
Combined, the two solar energy plants will have an output of up to 200 megawatts, which can potentially power up to 30,000 homes.
The PIC was established in 1911 and is completely owned by the South African government. It is the largest money manager on the continent and typically funds various state supported pensions alongside unemployment insurance.
This investment comes at a time when the nation is suffering rolling blackouts and power outages as public energy provider ESKOM battles against the clock to maintain and expand its facilities to meet growing demand.
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The challenge of meeting the ever increasing demand for energy in South Africa becomes all the more pressing when set against the backdrop of blackouts and businesses failing through lack of power. It is becoming the case that adopting renewable energy sources will become both necessary and profitable.