The United Kingdom (UK) and Norway have invested approximately R600 million to develop renewable energy projects in South Africa. This aims to assist the country in funding the transition from coal power generation to renewable clean fuels. The countries’ development-finance institutions are expected to assist renewables company H1 Capital construct 2,400 megawatts (mW) of wind and solar power plants. The investment follows commitments made by several countries during the recently held 2021 United Nations Climate Change Conference (COP26) Summit. Several of the Norwegian and UK funding is set to be used for projects awarded to H1 during South Africa’s fifth round of renewable-energy auctions. The company’s portfolio includes wind, solar and hydro projects.
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