IDC and KfW Development Bank Partner to Support Green Hydrogen Project in South Africa
Key Ideas
- The IDC and KfW Development Bank have joined forces to support the green hydrogen project in SA.
- The Prieska Power Reserve project is the first beneficiary of this partnership.
- The funding agreement was signed at the Africa Green Hydrogen Summit in Cape Town.
- The IDC will manage grant funding from the German government to bolster the project.
The Industrial Development Corporation (IDC) and Germany’s KfW Development Bank have formed a partnership to boost the development of a green hydrogen project in South Africa. The initial project to benefit from this collaboration is the Prieska Power Reserve project. The funding agreement between the IDC and KfW Development Bank was officially signed at the Africa Green Hydrogen Summit held in Cape Town. The IDC will oversee the grant funding provided by the German government to support the advancement of the project. This move signifies a significant step towards promoting renewable energy and sustainable development in South Africa, showcasing the growing importance of green hydrogen in the country's energy landscape.