PRETORIA, South Africa, June 14, 2016 /PRNewswire/ -- ET Energy, a leading clean energy developer, announces that it has founded a South African subsidiary, ET Solutions South Africa Pty Ltd. The new subsidiary will provide Engineering, Procurement and Construction (EPC) as well as Operations & Maintenance (O&M) for large-scale solar power plants. This accomplishment is the fruit of years of strenuously cultivating the South African market.
ET Energy has secured a 130 MW package of projects under the fourth round of bidding in the country's successful Renewable Energy Independent Power Producer Procurement Program (REIPPPP) by a leading South African based investor. Construction is expected to start at the end of the third quarter of this year.
The company has targets for completion of an additional 300 MW of EPC services in South Africa and other Sub-Saharan markets within the next two years.
As an economical and electrical giant in Africa, South Africa will play a crucial role in the global solar industry. IHS estimates that South Africa's cumulative PV installations will reach 2,043 MW in 2016, the majority of which will be utility and commercial solar projects. South African government authorities have set an ambitious goal of 42% renewable energy generation by 2030. In addition, investment in clean energy projects across major Sub-Saharan African markets reached $5.4 billion in 2015, topping the preceding year's total by over $2.5 billion.
Dennis She, ET Energy's President and CEO, said, "ET Energy's new subsidiary in South Africa demonstrates our confidence in the vast opportunities in this region. Africa has abundant sunshine, yet an estimated 600 million people lack proper access to electricity. However, now that PV prices are competitive with fossil fuel prices, even without subsidies, Africa can become power-independent using its own resources. We are proud to help this marvelous continent use its own clean, renewable energy without environmental side effects."
Kobus Ackermann, ET Energy's Regional Director in South Africa, commented, "Our new subsidiary will be the operational headquarters for our work in all Sub-Saharan countries. It will oversee our local operations and coordinate the execution of all projects in Sub-Saharan Africa, as well as developing business opportunities for future projects."
About ET Energy
ET Energy is a global leading energy solutions provider. With innovative solar technologies and tailored financial solutions, ET Energy provides professional one-stop solutions across the entire solar power plant lifecycle including development, financing, engineering, procurement, construction, and operations & maintenance. To learn more about ET Energy, please visit http://www.etsolar.com.
Regional Director South Africa
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SOURCE ET Solar