Strategy advisory and fund management group, MafAfrique is seeking to raise €170 Million to support climate-related advisory and investment in Southern Africa and Eastern Europe aimed at providing sustainable climate solutions.
Phase 1of the project “Southern Africa- Eastern Europe Trade and Investment Initiative“ will seek to deploy €170 Million over the next two years across two critical sectors, solar energy and “green tech” metals. It will be deployed to support the Southern Africa region to scale up its rare earth supply chain to Europe and to pilot a solar power plant as part of Eastern Europe’s transition to a low emission economy as a model for Southern Africa.
Byron Mudhune, MafAfrique, added: “Sustainability is at the heart of everything we do. We have finalized on the opportunities which will help deliver on both our energy and mining strategies and hope to close the transactions by mid-2022 once off-takers, finance partners and global consulting firms with a central focus on sustainability and climate change come on board.”
The global annual demand for rare-earth metals doubled to 125,000 tons in 15 years, and the demand is projected to reach 315,000 tons in 2030, driven by increasing uptake in green technologies and advancing electronics. This is creating enormous pressure on global production.
Solar and wind energy are now the cheapest sources of new power generation in Africa. Countries such as South Africa, will add significant new investments in these technologies in 2021 and beyond.
