Kgosientsho Ramokgopa, South Africa's Minister of Energy, stated that Saudi Aramco is anticipated to invest $10 billion in his nation's petrochemical industry, with anticipation that ACWA Power will make other announcements regarding renewable energy.
Speaking outside the World Economic Forum in Riyadh, Ramokgopa disclosed that Saudi Arabia is the biggest Gulf investor in his nation's renewable energy industry. In addition to Maaden's recent investment in a sales, marketing, and support project in the chemicals sector, he anticipated Saudi ACWA Power to declare more investments in the field and Saudi Aramco to contribute an additional $10 billion.
The biggest investor in South Africa's renewable energy market is Saudi Arabia. The 150 MW renewable hybrid ACWA Power Project DAO power purchase agreement was signed, the company reported in December. Situated in the Northern Cape Province of South Africa, the project will have the biggest 442 MW solar PV installation in the nation along with one of the largest battery storage systems in the world, holding roughly 1,200 MWh of power.
During his visit to Saudi Arabia in 2022, South Africa's President Cyril Ramaphosa and Crown Prince Mohammed bin Salman bin Abdulaziz saw the signing of fifteen memorandums of understanding and agreements.
Ramokgopa calculated that Saudi Arabia has invested almost $1.62 billion in his nation, creating 563,000 new jobs. He cited Maaden's 2022 investment in a project pertaining to sales, marketing, and support in the chemicals industry. Oil and gas, renewable energy, business, financial services, real estate, software, information technology services, and transportation are the main industries in which Saudi investments are focused in South Africa.
He claimed that investment in industrial development and special economic zones is drawn to his nation. "The forum offered a great opportunity to take part in critical dialogues about global economic and development challenges, and constituted a platform for exchanging ideas, establishing partnerships, and advancing collective efforts towards sustainable development and prosperity," the South African minister said in response to being asked about his attendance at the World Economic Forum special meeting in Riyadh.
"Ensuring access to affordable and reliable electricity remains a critical concern," he said. Modern economies depend heavily on electricity to sustain industrialization, foster innovation, and raise the standard of living for millions of people. Encouraging equitable growth and development requires addressing energy poverty and improving access to energy.