EIB, FirstRand bank invest €400m in South African renewable energy projects [Yahoo! Finance]
FIRSTRAND LTD UNSP/ADR (FANDY)
NASDAQ:AMEX Investor Relations:
firstrand.co.za/investorcentre
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Source: Yahoo! Finance
FirstRand is matching EIB's €200m ($221.82m) loan with the aim of increasing energy generation by the private sector, boosting energy security and reducing power cuts in South Africa. The investment is part of Global Gateway, Europe's external strategy for clean and sustainable infrastructure. EIB is a key partner in the strategy, targeting €100bn of investment by the end of 2027, a third of Global Gateway's overall investment plan. This latest loan to South Africa follows €25m of funding from the EU for hydrogen-focused projects announced earlier in September. EU ambassador to South Africa Sandra Kramer said in a statement the "initiative shows the power to mobilise resources to achieve those objectives when public-private partnerships are created”. FirstRand Group treasurer Bhulesh Singh added that the bank's approach to "helping its clients shift to renewable energy and enhance climate resilience supports South Africa's efforts to address the country's climate change and e
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