Investment company AMG launches green energy institute

Image: chuyu \ 123rf

African Medallion Group (AMG) has called on energy start-ups to submit innovative and sustainable solutions to challenges identified within the renewable energy industry on the continent.

The South African based gold trader announced the launch of Africa Energy Institute, an online platform that AMG says coincides with its expanding role as a global leader in developing opportunities for Africa.

The Institute, backed by AMG is a renewable energy acceleration centre that creates a platform for solutions to complex renewable energy challenges on the continent, starting with Southern Africa.

Start-up companies from anywhere on the continent can apply to participate in the programme, to address problem statements construed by the AMG.

“Africa Energy institute’s mission is to provide outstanding opportunities within the continent, aiming to create access for innovation and opportunities that enhance entrepreneurs’ acumen personal development by uniting high-level knowledge with practical solutions, based on experience on the continent,” an AMG spokesperson said.

“In this global world, only by having a highly professional and open-minded platforms that incorporates a strong sense of ethics and responsibilities, can one remain competitive.”

The company said it views the continental renewable energy acceleration initiative as a way to enable processes that embrace alternative energies, while affording the entrepreneurs the opportunity to appraise benefits and risks in a balanced manner.

The announcement comes at a time when the continent is shifting focus from expensive sources of power, in its quest for cheaper and green energy.

Locally, coal exports are approaching long-term decline, according to a new report from the Institute for Energy Economics and Financial Analysis (IEEFA) published this month.

The report comes as SA makes moves towards renewable energy generation in the country as power utility Eskom is burdened with a R450 billion debt.

In his State of the Nation Address earlier in the year, president Cyril Ramaphosa announced that debt-ridden power utility Eskom would be unbundled into three divisions – generation, transmission and distribution – which would fall under an Eskom parent company.

Eskom currently meets over 90% of SA’s power needs. Although SA’s energy sector is still largely coal-driven, government is pushing to support renewables energy sector.

The government says in 2030, SA’s energy mix will consist of 34 000MW of coal, representing 46% of installed capacity; 11 930MW of gas, or 16% of installed capacity; 11 442MW of wind, or 15% of installed capacity; 7 958MW of photovoltaic (PV, or solar); and 4 696MW of hydropower, or 6% of installed capacity.

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