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South African state power utility Eskom on Tuesday launched a new business unit focused on developing utility-scale renewable energy projects. The unit is part of Eskom's plans to have up to 32 gigawatts of renewable energy capacity by 2040.
A former state monopoly, Eskom still supplies the bulk of the electricity in Africa's biggest economy from its fleet of mainly coal-fired power stations. It previously announced plans to pivot to mainly clean energy sources by 2040.
Eskom Green will operate within Eskom Holdings before being separated into a wholly-owned subsidiary with an independent board, the utility said in a statement. The new unit will operate under Eskom Holdings initially before becoming a separate subsidiary.
It will target energy-intensive sectors such as mining and manufacturing, offering contracts for renewable power backed by storage. The unit aims to serve industrial clients requiring large-scale clean energy solutions.
It aims to have about 6 gigawatts of carbon-free electricity available up to 2030, drawing on a pipeline of renewable energy and storage projects under development. This represents significant near-term renewable capacity targets.
Funding for the initial phases has been provisioned within Eskom's approved capital expenditure programme and will be supported through on-balance sheet funding, Eskom said. The utility has secured financial resources for the renewable energy unit's launch.
