Investment management company Public Investment Corp (PIC) has announced plans to lead energy projects in Nigeria and South Africa
Both countries experience power cuts regularly and with the two biggest economies in Africa this has impacted on their economic growth, stated Bloomberg.
The continent’s largest money manager, PIC, said that to overcome this deficit it is keen to develop the Inga hydropower project on the Congo river and shale projects in the Karoo basin in South Africa.
“We have taken the decision that we will play the lead in the energy space. Energy is one of the biggest barriers for the continent and if we don’t deal with it, it is going to deal with us,” stated Elias Masilela, CEO of PIC.
According to Masilela, in a bid transform South African energy supply, PIC said that it will invest in production if it makes commercial sense and if it is sustainable to do so.
The company, based in Pretoria, will reportedly buy stakes in energy companies operating across Africa.
