The AIM Italia listed company says it will invest around Euro 1 million (R17 million) in South Africa, spread over three years. The investment provides for the capability of manufacturing inverters for both standard photovoltaic applications and for electricity storage systems, for a total power of almost 1 GW and maximum production capacity of more than 500 MW per year.
“After a period of marked slowdown, the South African energy market is moving once again towards a constant growth pace over the coming few years, due to the renewed commitment of the public authorities, with investment plans dedicated to renewable energy,” the company said.
The project will be implemented starting from a production structure established over several years of operations in the country and which has proven to be highly reliable and successful, so that the Group will be able to deliver locally assembled inverters by the end of 2021. The whole Investment will be financed through internal resources of the Group with no impacts on the level of indebtedness of the same.
The purpose of the Investment is the implementation of local manufacturing of inverters for renewable energy (photovoltaic) and electrical systems with storage, in order to supply products with a local content higher than 40%, exceeding, therefore, the minimum requirements recently imposed within the REE-IPP (Renewable Energy Independent Power Producer Procurement Programme) Bid 5 framework, where inverters are included in the list of components with a minimum required Local Content, as specified in Appendix 5A – Designated Local Content (Economic Development Obligations), ED Sub-Element 200-SR-03B.