South Africa launches EBB scheme to promote solar investment

South Africa has launched the Energy Bounce Back Loan Guarantee Scheme (EBB) to promote solar investment.

The government came up with this scheme to offer loan guarantees for small and medium enterprises (SMEs) and households to invest in solar equipment.

This initiative is likely to address the issue of unreliable power supply in the country.

Regarding the EBB scheme, it offers a Rooftop Solar Loan Guarantee for SMEs and households, which will enable them to obtain loans for investing in rooftop solar energy systems. The scheme also provides the same offer for Energy Service Companies.

Besides, it will offer Working Capital Loans for businesses involved in the rooftop solar supply chain.

As per the authorities, the scheme aims to “generate additional power capacity, increase resilience against power shortages, and encourage the adoption of cleaner energy solutions,” a local report mentioned.

Furthermore, it said that this initiative is also part of South Africa’s broader strategy to encourage the adoption of renewable energy, boost economic growth, and mitigate the impact of unreliable power supply.