Ramaphosa signs R12bn ‘solar and wind’ energy deal with Saudi Arabia

12 July 2018 - 17:50
By Aphiwe Deklerk
President Cyril Ramaphosa managed to secure a $10-billion investment in Saudi Arabia.
Image: GCIS President Cyril Ramaphosa managed to secure a $10-billion investment in Saudi Arabia.

Energy minister Jeff Radebe says the country on Thursday signed a R12-billion renewable energy deal with a Saudi Arabia company as part of $10-billion investment agreement.

Radebe is part of the delegation accompanying President Cyril Ramaphosa on an international visit which will see him visiting three countries in four days: Nigeria‚ Saudi Arabia and the United Arab Emirates.

Ramaphosa has already spent two days in Nigeria‚ after which he left for Saudi Arabia. He is due to meet Sheikh Mohammed Bin Zayed Al Nahyan‚ Crown Prince of Abu Dhabi‚ on Friday in the UAE.

Ramaphosa’s spokesperson Khusela Diko confirmed that‚ during his visit‚ the president had managed to secure a $10-billion (about R132.8-billion) investment in Saudi Arabia‚ a commitment which will be a boost to his goal of attracting $100-billion.

“It’s a fantastic commitment from Saudi Arabia‚ especially coming in the aftermath of the president’s call to have $100-billion of investment in the next five years‚” said Radebe.

He said the Saudi Arabia energy minister‚ Khalid al-Falih‚ was deeply committed to cooperating with South Africa in the energy sector.

“As a result of that‚ already we have signed a big deal on the renewable side of R12-billion with Redstone and ACWA‚ which is a Saudi Arabian energy company‚ in partnership with the Central Energy Fund for renewable in terms of solar and wind‚” said Radebe.

Radebe said the two nations were also committed to cooperate in the defence sector.