The Industrial Development Corporation and the Public Investment Corporation have signed a memorandum of understanding that will see investments in the reindustrialisation of the economy and emerging industries such as the electric vehicles value chain and infrastructure as well as green hydrogen.

The two had a similar agreement between 2012 and 2017.

They said on Tuesday that that partnership culminated in the conclusion of the PIC Green Bond and the UIF Fund 2, which created jobs through concessionary funding. They are in discussions to establish UIF Fund 3.

“We are proud to renew this partnership with the PIC, an institution whose objectives align with our mandate… Our past collaborations helped the IDC to invest significantly in renewable energy projects, among other projects, and also to create and save jobs through the UIF Fund,” IDC CEO Mmakgoshi Lekhethe said in a statement.

To date, the IDC’s investments in renewable energy, notably in the renewable energy independent power producer procurement programme rounds 1 and 2, have helped add 900MW of power to the national grid. Around 8 195 jobs have been created, too.

The PIC has supported energy projects with over 2.3GW of capacity, including 2.1GW from renewables — wind, solar PV, concentrated solar power and hydro. Green bonds account for more than 50% of the PIC’s clean energy investments.

Read: Eskom takes a bet on ‘green hydrogen’

PIC CEO Patrick Dlamini said other emerging industries that will be supported include critical minerals; advanced manufacturing; e-commerce; and high-value agriculture and agro-processing. – © 2025 NewsCentral Media

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