GreenYellow South Africa has announced a €10 million investment in energy efficiency projects across Southern Africa, aiming to enhance sustainability and reduce energy consumption in the region. In partnership with Spark Energy Services, the initiative focuses on upgrading lighting systems in retail stores operated by Retailability, a prominent retail group.
The project encompasses 93 retail stores located in South Africa, Namibia, Botswana, and Lesotho. Outdated lighting fixtures will be replaced with energy-efficient LED solutions, significantly reducing electricity usage.
The upgrades are projected to save approximately 17 GWh of electricity annually, equating to a reduction of over 18,000 tonnes of greenhouse gas emissions each year.
GreenYellow South Africa is providing equity funding for the project, while Spark Energy Services is optimizing the capital structure through debt financing. This collaboration ensures the project’s financial sustainability and underscores the commitment to advancing energy efficiency in the region.
Adam Fitzwilliam, Director at Spark Energy Services: “This landmark project underscores Spark and our partner GreenYellow’s commitment to driving energy efficiency at scale across Southern Africa.”
Michael Ilias, Director at GreenYellow South Africa: “By combining our expertise in sustainable energy solutions with Spark’s innovative financing model, we’ve implemented impactful upgrades that not only lower energy costs for Retailability but also contribute to the company’s broader sustainability goals.”
Norman Drieselmann, CEO of Retailability: “In collaboration with GreenYellow, Retailability has blended the joint objectives of improved lighting in stores and energy efficiency targets in our ESG programme.”
Building on this initiative, GreenYellow South Africa aims to deploy an additional €10 million in energy efficiency projects throughout the year, reinforcing its dedication to promoting sustainable energy solutions across the region.
This strategic investment highlights the growing importance of collaborative efforts in advancing energy efficiency and sustainability in Southern Africa.
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