The Industrial Development Corp. announced in May that it would put $12.5 million into a JV for solar PV, but the project development financier will provide more capital for renewable energy projects amounting to about $3 billion over the next five years.
The group will mostly invest in large-scale renewable energy projects in its drive to promote green energy. The IDC will provide funding to South African businesses that are attempting to use renewable energy as a cost-efficient and environmentally friendly means.
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