How to Wreck the World’s Fastest-Growing Renewables Program
- South Africa utility leaves energy companies in the dark
- Annual investment of more than $5 billion slows to $4 million
Solar panels in Kathu, South Africa.
Photographer: Waldo Swiegers/Bloomberg
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Soon after it began in 2011, South Africa’s renewable power program became the world’s fastest-growing.
Almost $15 billion poured into clean energy in seven years, financing everything from wind farms to solar towers. New independent power producers mushroomed, signing electricity-purchase agreements with national utility Eskom Holdings SOC Ltd that were guaranteed by the government.