Page 15 - MiNDSPACE Issue 1 2022 - Old Mutual Corporate

impactSPACE renewables
position to help others with their CVs and print them, while two women bakers have bought a bigger oven to increase their production.’
3.8 million
The number of Africans who die each year due to indoor air pollution caused by cooking with solid fuels and kerosene.
– World Health Organization
On a different scale, REISA is one of South Africa’s largest solar fields comprising 343 200 solar modules. It spans 210 hectares in the Northern Cape and has produced 181 GWh
of clean power per year for the last five
years, providing enough electricity to power 57 000 households.
REISA, part-owned by Old Mutual, is also making a difference on a very local level
in the communities of Kathu, Olifantshoek, Dibeng, Dingleton, Babatas and Mapoteng. In Olifantshoek, the installation of 105 solar street lights along the busiest street has, for instance, led to a drop in crime.
In another of South Africa’s northern neighbours, Namibia, Old Mutual Investment Group (Namibia) has, among others, acquired a majority stake in a 5 MW solar photovoltaic plant at Rosh Pinah in the !Karas region.
In neighbouring countries, Old Mutual Zimbabwe invested $12.4 million into solar projects such as a 5.4 MW solar farm at Cross Mabale in Dete, Matabeleland North province, and Harava Solar, a 20 MW solar farm under construction in Seke just outside of Harare.
These projects all represent a step in the right direction if we are to provide Africa with the power it needs to grow. As Fischat says, ‘The thing with economic development is that you don’t have to start big. In fact, sometimes the smaller, the better! M
THE INVESTMENT POTENTIAL OF RENEWABLE MINI-GRIDS
• The Energy Sector Management Assistance Program (ESMAP), a global knowledge and technical assistance programme administered by the World Bank, says 490 million people could be connected to 210 000 renewable-energy powered mini-grids by 2030, if the world plays its cards right.
• US-owned PowerGen wants to install 28 solar mini-grids in the northern region of Nigeria before the end of the year. The $9 million project is funded by Dutch microfinance lender Oikocredit, impact investor Triodos Investment Management, that is owned by sustainable investment bank Triodos, and the EU.
• The African Development Bank has raised $20 million from fund managers Lion’s Head Global Partners, Triple Jump and other social investment managers for a new renewables, off-grid energy initiative. With a value of $50 million, the five-year initiative focuses on supporting small businesses that install green mini-grids, home solar systems, clean cooking solutions and other renewable-energy systems.
ISSUE 1 2022 | 11
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