The climate crisis and increasing demand for energy across Africa are supporting the move towards renewable energy production.
Solar power generation, in particular, is growing in demand, bringing significant investment opportunities in manufacturing and production.
South Coast Tourism & Investment Enterprise (SCTIE) on the KZN South Coast outlines the reasons that solar power investment is particularly attractive in this region.
Deborah Ludick, Acting CEO of South Coast Tourism and Investment Enterprise (SCTIE) said that embracing renewable energy production meets international climate goals, while supporting conservation efforts on the KwaZulu-Natal South Coast and the promotion of the province’s incredible tourism assets.
She said that they intend to become energy secure, which will reduce the costs of businesses spending money on alternative energy sources to avoid business production downtime.
According to Ludick, the tax incentive for businesses from government will allow them to claim a 125% deduction on renewable energy projects until February 28, 2025, which will further support the sector.
“We believe that the KZN South Coast is primed for investment in this sector, and we’re doing what we can to facilitate this.”
Ludick said a feasibility study had been undertaken as part of the Eastern Seaboard development plans for the Ugu District Municipality, which looked at different energy types that are available to investors so they can decide on the option that would best suit their needs.
The KZN South Coast is ideally located to support a range of renewable energy options
According to Ludick, the region boasts a year-round subtropical climate with abundant sunny weather, making solar energy farms a viable investment option.
The coastal location can also support wind energy projects due to the on and offshore wind.
“The KZN South Coast also forms part of the Eastern Seaboard Development, a government initiative to unlock the economic potential of the region, giving national priority and focused support to this area,” Ludick said.
The KZN South Coast has available and affordable land
Luddick said that there is ample real estate available on the south coast which is much more affordable than other coastal regions in South Africa.
This will allow for the establishment of solar farms, manufacturing facilities, and more related to solar energy production.
The KZN South Coast has the Ugu District One Stop Shop
According to Ludick Investment in the region is supported by the Ugu District One Stop Shop which creates a welcoming environment for investors by assisting in fast-tracking projects and reducing government red tape.
The One Stop Shop assists with company registrations, visa and EIA applications, as well as sourcing funding. Through the One Stop Shop, potential investors in renewable energy will enjoy the support needed to benefit from this lucrative sector.
To find out more about these and more investment opportunities, people can get in touch with SCTIE, the KZN South Coast’s One-Stop Shop for investment.
IOL Business