The Public Investment Corporation (PIC) is planning to boost its investment in renewable energy amid South Africa’s ongoing power crisis.
Kabelo Rikhotso, the Chief Investment Officer at PIC, highlighted the organization’s commitment to renewable energy, stating that their current exposure is at R16.5 billion and is set to increase.
South Africa’s power utility, Eskom, is struggling to meet electricity demand due to aging coal-fired plants, leading to power rationing. To address this, the government is turning to independent power producers.
The PIC, Africa’s leading fund manager overseeing about R2.6 trillion in assets, has invested in renewable energy projects, contributing over 2,000 MW to the grid. Additionally, the PIC is exploring solar panel installations on suitable properties.