By Joe Hoppe

Anglo American PLC said Tuesday that it will form a new joint company with Electricite de France SA subsidiary EDF Renewables, named Envusa Energy, to develop renewable energy in South Africa.

The multinational mining company said that as part of the agreement, Envusa will launch a mature pipeline of more than 600 megawatts of wind and solar projects in South Africa, a first step toward developing an ecosystem expected to generate three to five gigawatts of renewable energy by 2030.

The first phase is expected to be fully funded, including by attracting debt financing, and ready for construction to begin in 2023.

Envusa is expected to supply Anglo American with a blend of renewable energy generated on Anglo's sites, and renewable energy transmitted through the national grid.

"We believe that the energy transition presents a fresh opportunity for South Africa and the rest of the region to build a clean and inclusive energy ecosystem that can create significant new economic opportunities," said Nolitha Fakude, chairwoman of Anglo American's South African management board.

The rollout of the energy ecosystem will also produce clean energy for green hydrogen production, to be used for Anglo American's planned fleet of hydrogen-powered mine haul trucks--significantly reducing on-site diesel emissions.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 04, 2022 02:30 ET (06:30 GMT)

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