- Australia’s Fortescue Future Industries (FFI) has announced that it will collaborate on exploring potential green hydrogen opportunities across South Africa under a non-binding term sheet with African Rainbow Energy, a South African company with an impressive track record in the development of and investment in local renewable energy projects.
The collaboration comes at a crucial time, with the South African green hydrogen market attracting international investors.
African Rainbow Energy’s development credentials, combined with their local market knowledge and financial capabilities provide excellent alignment with Fortescue’s knowledge and investment in the global green hydrogen sector.
Both parties will use their relevant expertise to identify domestic market opportunities to support the development of green hydrogen projects at strategic locations across South Africa. Upon identifying an opportune business case, African Rainbow Energy and FFI will negotiate the terms of a binding Joint Development Agreement.
Both parties aim to develop projects within the framework of South Africa’s Just Energy Transition, with a goal of providing new economic opportunity, education, and skills trainings to ensure the benefits of such projects are distributed among local communities.
Author: Bryan Groenendaal