Investec-Backed Green Fund Revego Raising Cash for Africa Drive
'We would ideally like to execute 2 billion rand a year, and within five years, if we get ourselves to 10 to 12 billion, that is our target,' Revego Fund Managers Chief Investment Officer Ziyaad Sarang said in an interview.
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Fast Company
11 hours ago
- Fast Company
Trump rollback on clean energy subsidies stalls major solar, wind projects and manufacturing plans
Singapore-based solar panel manufacturer Bila Solar is suspending plans to double capacity at its new factory in Indianapolis. Canadian rival Heliene's plans for a solar cell facility in Minnesota are under review. Norwegian solar wafer maker NorSun is evaluating whether to move forward with a planned factory in Tulsa, Oklahoma. And two fully permitted offshore wind farms in the U.S. Northeast may never get built. These are among the major clean energy investments now in question after Republicans agreed earlier this month to quickly end U.S. subsidies for solar and wind power as part of their budget megabill, and as the White House directed agencies to tighten the rules on who can claim the incentives that remain. This marks a policy U-turn since President Donald Trump's return to office that project developers, manufacturers and analysts say will slash installations of renewable energy over the coming decade, kill investment and jobs in the clean energy manufacturing sector supporting them, and worsen a looming U.S. power supply crunch as energy-hungry AI infrastructure expands. Solar and wind installations could be 17% and 20% lower than previously forecast over the next decade because of the moves, according to research firm Wood Mackenzie, which warned that a dearth of new supplies could slow the expansion of data centers needed to support AI technology. Energy researcher Rhodium, meanwhile, said the law puts at risk $263 billion of wind, solar, and storage facilities and $110 billion of announced manufacturing investment supporting them. It will also increase industrial energy costs by up to $11 billion in 2035, it said. 'One of the administration's stated goals was to bring costs down, and as we demonstrated, this bill doesn't do that,' said Ben King, a director in Rhodium's energy and climate practice. He added the policy 'is not a recipe for continued dominance of the U.S. AI industry.' The White House did not respond to a request for comment. The Trump administration has defended its moves to end support for clean energy by arguing the rapid adoption of solar and wind power has created instability in the grid and raised consumer prices – assertions that are contested by the industry and which do not bear out in renewables-heavy power grids, like Texas' ERCOT. Power industry representatives, however, have said all new generation projects need to be encouraged to meet rising U.S. demand, including both those driven by renewables and fossil fuels. Consulting firm ICF projects that U.S. electricity demand will grow by 25% by 2030, driven by increased AI and cloud computing – a major challenge for the power industry after decades of stagnation. The REPEAT Project, a collaboration between Princeton University and Evolved Energy Research, projects a 2% annual increase in electricity demand. With a restricted pipeline of renewables, tighter electricity supplies stemming from the policy shift could increase household electricity costs by $280 a year in 2035, according to the REPEAT Project. The key provision in the new law is the accelerated phase-out of 30% tax credits for wind and solar projects: it requires projects to begin construction within a year or enter service by the end of 2027 to qualify for the credits. Previously the credits were available through 2032. Now some project developers are scrambling to get projects done while the U.S. incentives are still accessible. But even that strategy has become risky, developers said. Days after signing the law, Trump directed the Treasury Department to review the definition of 'beginning of construction.' A revision to those rules could overturn a long-standing practice giving developers four years to claim tax credits after spending just 5% of project costs. Treasury was given 45 days to draft new rules. 'With so many moving parts, financing of projects, financing of manufacturing is difficult, if not impossible,' said Martin Pochtaruk, CEO of Heliene. 'You are looking to see what is the next baseball bat that's going to hit you on the head.' About face Heliene's planned cell factory, which could cost as much as $350 million, depending on the capacity, and employ more than 600 workers, is also in limbo, Pochtaruk said in an interview earlier this month. The company needs more clarity on both what the new law will mean for U.S. demand, and how Trump's trade policy will impact the solar industry. 'We have a building that is anxiously waiting for us to make a decision,' Pochtaruk said. Similarly, Mick McDaniel, general manager of Bila Solar, said 'a troubling level of uncertainty' has put on hold its $20 million expansion at an Indianapolis factory it opened this year that would create an additional 75 jobs. 'NorSun is still digesting the new legislation and recent executive order to determine the impact to the overall domestic solar manufacturing landscape,' said Todd Templeton, director of the company's U.S. division that is reviewing plans for its $620 million solar wafer facility in Tulsa. Five solar manufacturing companies – T1 Energy, Imperial Star Solar, SEG Solar, Solx and ES Foundry – said they are also concerned about the new law's impact on future demand, but that they have not changed their investment plans. The policy changes have also injected fresh doubt about the fate of the nation's pipeline of offshore wind projects, which depend heavily on tax credits to bring down costs. According to Wood Mackenzie, projects that have yet to start construction or make final investment decisions are unlikely to proceed. Two such projects, which are fully permitted, include a 300-megawatt project by developer US Wind off the coast of Maryland and Iberdrola's 791 MW New England Wind off the coast of Massachusetts. Neither company responded to requests for comment. 'They are effectively ready to begin construction and are now trapped in a timeline that will make it that much harder to be able to take advantage of the remaining days of the tax credits,' said Hillary Bright, executive director of offshore wind advocacy group Turn Forward.
News24
11 hours ago
- News24
Ramaphosa warns Trump's tariffs highlight urgency to diversify vehicle exports
@PresidencyZA/X Ramaphosa urges the auto sector to reduce reliance on US exports. BMW's new hybrid model aligns with green mobility priorities. Government pledges incentives for electric vehicles (EVs) production and mineral processing. President Cyril Ramaphosa has warned that the newly announced tariffs by the US could pose significant risks to SA's automotive exports, urging the sector to diversify its markets and increase domestic value creation. A 30% tariff on SA's exports to the US is set to be implemented on 1 August. Speaking at the launch of BMW's new X3 plug-in hybrid electric vehicle at its Rosslyn plant in Pretoria on Thursday, Ramaphosa praised the company's continued investment in the country but cautioned that reliance on a few export destinations, such as the US and Europe, could leave the local industry exposed. 'The recent announcement on tariffs by the US, of course, has a huge impact on all of us,' said Ramaphosa. It further underscores the need for us to diversify our export base and to accelerate domestic value creation as well. President Cyril Ramaphosa He said while BMW's decision to export the new X3 to Europe was welcomed, SA must also expand its footprint across the continent, particularly within the Southern African Development Community. 'We need to open our eyes and our ears and see where else our vehicles can go,' the president said. SA's automotive sector contributes 4.9% to the country's GDP and supports more than 115 000 direct jobs. Ramaphosa described the industry as the 'lead spine' of the country's industrial strategy and said the BMW Group's role in its development was both longstanding and crucial. He said BMW's decision to produce hybrid vehicles locally aligns with the country's transition to a low-carbon economy and the global push towards green mobility. 'We are committed and determined to ensure that there is an enabling regulatory and policy environment to make it easier for companies like BMW to continue to innovate,' he said. This includes support through the Automotive Production and Development Programme, the Electric Vehicle White Paper, and targeted incentives for battery cell production, clean mobility research and critical mineral beneficiation. Ramaphosa also praised the company's broader economic contribution, including its training academy, the Youth Employment Service programme and its investment in digital skills through its IT hub. He said BMW's continued presence and reinvestment, including its R4.2 billion pledge at the SA Investment Conference, was a sign of trust in local workers, who the company refers to as 'associates'. 'You are now going to be producing a high-end vehicle for the world market,' he said to the BMW staff at the plant. It will come from your hands, as associates of this company. The Rosslyn plant was BMW's first production facility built outside Germany and has operated in the country for more than 50 years. Ramaphosa described the plant as a model of industrial transformation, job creation and inclusive growth.
Yahoo
11 hours ago
- Yahoo
Taking charge: read the August issue of MINE now!
The August issue of MINE magazine is out now, with articles looking at the development of charging technologies for electric mining vehicles, exploring China's grip on global graphite, and much more. A major barrier to increasing the adoption of electric trucks in mining is a lack of interoperability between charging technologies, infrastructure and vehicle types. In this issue, we look at how charging is developing in mining, reviewing the industry drive for standardisation. Elsewhere, we explore a variety of techniques that can help improve screening, sizing and sorting to maximise mineral recovery from ore. While real-time data can help to increase safety and productivity, more still needs to be done to encourage miners to embrace new technologies. In an interview for our series on inspiring women in mining, we speak to Comfort Asokoro-Ogaji, founder of Women in Mining – Africa, about her mission for inclusion, justice and opportunity across the continent. In commodities, we examine China's grip on the graphite market and look at how the supply landscape will evolve to 2030. Plus, we assess how risks – from geopolitical tensions to extreme weather – are driving change in mining insurance offerings. What to expect in the next issue of MINE In our October issue, we explore the options for decarbonising iron ore production. What are the key technologies? What are the challenges? In commodities, we look at Oman's return to copper after three decades. With the start-up of new mines, we ask whether the Middle Eastern nation can achieve its goal of becoming a top-three copper producer. We also report on FQM's expansion plans for the Kansanshi copper mine in Zambia. Don't miss out! Sign up to receive all this and more direct to your inbox. "Taking charge: read the August issue of MINE now!" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
