PIC leads a R660 million pledge for green hydrogen
Roughly R660 million has been pledged by development finance institutions to fund green hydrogen projects.
The Public Investment Corporation leads the pledge and other parties include the Development Bank of Southern Africa and the Industrial Development Corporation.
The parties will finance the SA-H2 fund, which blends public and private capital.
For climate change news and analysis, go to News24 Climate Future.
South Africa's Public Investment Corporation (PIC), the continent's biggest money manager, and two development institutions have pledged roughly R660 million to a fund for financing green hydrogen projects.
The Development Bank of Southern Africa and the Industrial Development Corporation of South Africa will help finance the SA-H2 fund, which blends public and private capital. It is managed by a partnership between Hague-based Climate Fund Managers and Invest International, a Dutch development finance institution.
Over various tranches, the IDC and DBSA will each invest $10 million (~R180 million), with PIC putting in $17 million (R300 million).
READ | Daniel Mminele | Green and blue bonds are great, but more is needed
'As a long-term investor, the PIC is committed to supporting infrastructure that generates attractive commercial returns while delivering inclusive, broad-based economic impact,' PIC Chief Investment Officer Kabelo Rikhotso said in the statement.
Various green hydrogen projects in the region, many of which would be initially geared for exports, are looking to gain momentum. The European Union announced grants last year to get the industry going.
Sasol has a project at the port of Boegoebaai on South Africa's northwest coast that would ship the fuel and provide domestic supply for its own operations, though the fuel and chemical maker has made some strategy changes.
Climate Fund Managers also committed as much as $20 million (~R360 million) through the SA-H2 fund to complete the development stage of a project by Hive Hydrogen. The company is planning the first large-scale green ammonia production facility in the Eastern Cape province, expected to produce about one million tonnes of green ammonia annually, for export. The project will create over 20 000 jobs during construction and operations.
Financial close is expected by the end of 2026, with commercial operations to begin in 2029.
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