DME, DBSA create fund to boost renewable energy investments

DME, DBSA create fund to boost renewable energy investments

The Department of Minerals and Energy (DME), together with the Development Bank of Southern Africa (DBSA), has established a renewable energy market transformation programme (REMT) to assist investors in overcoming some of the obstacles and barriers preventing growth in the renewable energy sector.

Some $8,3-million in funding has been made available for the programme, and this came from government ($2,3-million), and global financial institutions, namely the World Bank, through its global environment facility ($6-million).

However, the project was worth some $17,3-million, as about $9-million of already installed capacity from the private sector was contributed.

The project’s objectives were to “remove the barriers and reduce the implementation costs of renewable energy technologies, and also to promote on-grid electricity for renewable energy sources”, explained REMT project coordinator Moses Chundu.
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