Related
Construction to start on Kathu Solar Park
12 May 2016
Nedbank acquires 32.9% of GloCell
19 Feb 2015
Environmental challenges mean sustainable farming practices are non-negotiable
Zhann Meyer 15 Jan 2015
Carbon neutral power plant opens in Johannesburg
A renewable waste to energy gasification plant, located in Honeydew, Johannesburg, is the result of many years of research and development by renewable energy company, EECOFuels and presents organisations in both the public and private sectors with a robust, economical and safe way of generating electricity from renewable resources, including solid waste.
As the first carbon neutral power plant in South Africa, the project was realised through a partnership between Nedbank Capital and EECOFuels.
Speaking at the unveiling of the new gasification plant, the company's MD, Marcel Steinberg pointed to the vital role the gasification plants had to play, not only in reducing the burden from government of meeting fast-growing South African energy demands, but also as an effective, low-carbon means of disposing of waste.
"The fact that the gasification plants can be placed anywhere that there is a need for waste to energy generation means they operate independently of infrastructure requirements and there is no need for the transportation of feedstock for the process. When one combines this with the proprietary gasification technology that emits less carbon than it consumes, the solution is not just carbon neutral, it is, in fact, carbon negative," he says.
Attractive investment
The carbon efficiency of this technology is what first attracted Nedbank Capital to partner with the company. According to Kevin Whitfield, head of Carbon Finance at Nedbank Capital, the model has the potential to revolutionise the way in which energy is generated on the African continent.
"Creativity and innovative thinking are key drivers of developing the 'green' economy and this gasification technology encompasses both," says Whitfield. It is the bank's philosophy that innovative, carbon-effective solutions of this variety require similarly forward-thinking finance solutions to ensure they deliver maximum sustainable economic and social benefits.
"The group immediately recognised the potential inherent in the gasification solutions and we were more than happy to offer guidance and advice to the business owners on how best to harness this potential by leveraging the appropriate carbon-based finance solutions."
According to Steinberg, this partnership proved pivotal to the eventual development and successful rollout of the new waste to energy plants. "The bank's input, particularly regarding ways of meeting the funding requirements for this new technology in an appropriately 'green' manner, has been invaluable and we look forward to continuing to draw on its financial and carbon experience, as we roll out the technology across Africa, and further afield, in the months and years ahead."
