Jun 27, 2017 Last Updated 9:05 AM, Jun 27, 2017

South Africa’s NUM rejects Eskom sale plans

ABN – South Africa’s National Union of Mineworkers (NUM) has rejected Eskom’s plans to dispose of some of its non-core assets.

Eskom is thought to be attempting to sell its finance company, which provides home loans to its members.

A NUM spokesperson said: “The NUM will never support any decision that will affect its members and other employees at the company.”

The company announced at the Africa Investment Summit that it was looking into selling its assets to raise capital.

Finance Minister Nhlanhla Nene said: “No matter how much we would actually want to identify these non-core state assets, it will not be prudent and proper to share the names when we are at a sensitive stage of the transaction, which is very close to being concluded.

“We reconfirm the R23 billion (US$1.9 billion) coming from the sale of some of our non-core state assets.”

@ABNetworkOnline

Ghana oily levy will fund solar projects

ABN – The President of Ghana has announced that the country will increase its levy on petroleum products in order to help fund renewable energy development in the West African country.

There will be a levy of $0.02 on every litre of petroleum product (excluding liquefied petroleum gas), as well as on every kWh of electricity transmitted.

Part of the money raised will go into the Renewable Energy Fund, which will be used to establish 200,000 rooftop solar power projects that will save an estimated 200MW daily.

Ghana currently has 2,100 megawatts of power generation capacity, 60% of which is hydropower.

This latest announcement, in addition to the Renewable Energy Act passed in 2011, show the government’s intent to boost its renewable energy capacity further.

@ABNetworkOnline

Global EcoPower acquires Nova Power

ABN – Global EcoPower (GEP) has acquired Morocco’s Nova Power with a first payment of US$15.3 million followed by a second payment that will be based on the company’s performance.

The transaction will help the company expand its presence in the West and North African market.

Nova Power is currently working on an agreement with oil giant Total to construct 500 megawatts of solar power factories in Nigeria.

Work on the first 125 megawatt factory is scheduled to begin before the end of this year with a further 275 megawatts to be constructed in 2016.

Nova Power CEO Mohammed Habbal has also announced that he will join the GEP board.

He said: “The collaboration proven in the past with the current management of GEP allows us to look to the future with confidence and optimism.

“The new group, composed of GEP, Enersol and of Nova Power, which brings its strong growth potential, has all the ingredients to enable it to realise the opportunities thus generated.”

@ABNetworkOnline

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