Discovery Ltd. plans to link South African companies looking to reduce power costs or their reliance on fossil fuels with independent power producers who are selling renewable energy.
By joining local companies with power producers, the medical insurance and financial services provider expects to yield at least 400 megawatts of additional power, it said in a statement Wednesday. Discovery sees this climbing to as much as 1,000 megawatts.
The country has taken measures to add generation from independent producers through government auctions, though the process has been delayed and some projects held up due to grid constraints. It’s been working with about 14 independent power producers and is considering building on as many as 27 sites across South Africa with a view to start operating by 2026.
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