South Africa’s Renewables Fund Has $101 Million, Minister Says

A fund set up to promote renewable energy projects in South Africa has 800 million rand ($101 million), said Pravin Gordhan, the country’s finance minister.

The fund will pool money from donors and commercial sources, Gordhan told reporters in Pretoria today. Yesterday the National Treasury, which falls under Gordhan, advertised in the Sunday Times newspaper for a transaction adviser for the fund.

South Africa is seeking to reduce its dependence on coal to meet cleaner energy targets as it ramps up electricity capacity to prevent a repeat of power shortages that halted production at mines and smelters for five days in 2008.

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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