President Cyril Ramaphosa arrives at the Royal Court in Jeddah, Saudi Arabia, July 12 2018. Picture: GCIS
President Cyril Ramaphosa arrives at the Royal Court in Jeddah, Saudi Arabia, July 12 2018. Picture: GCIS

Energy Minister Jeff Radebe says the country on Thursday signed a R12bn renewable energy deal with a Saudi Arabian company as part of $10bn investment agreement.

Radebe is part of the delegation accompanying President Cyril Ramaphosa on an international visit during which he will visit three countries — Nigeria‚ Saudi Arabia and the United Arab Emirates (UAE) — in four days.

Ramaphosa has already spent two days in Nigeria‚ after which he left for Saudi Arabia. He is due to meet Sheikh Mohammed Bin Zayed Al Nahyan‚ crown prince of Abu Dhabi‚ on Friday in the UAE.

Ramaphosa’s spokesperson, Khusela Diko, confirmed that‚ during his visit‚ the president had managed to secure a $10bn (about R133bn) investment in Saudi Arabia‚ a commitment that will be a boost to his goal of attracting $100bn.

“It’s a fantastic commitment from Saudi Arabia‚ especially coming in the aftermath of the president’s call to have $100bn of investment in the next five years‚” said Radebe.

He said the Saudi Arabian energy minister‚ Khalid al-Falih‚ was deeply committed to co-operating with SA in the energy sector.

“As a result of that‚ already we have signed a big deal on the renewable side of R12bn with Redstone and ACWA‚ which is a Saudi Arabian energy company‚ in partnership with the Central Energy Fund for renewable in terms of solar and wind‚” said Radebe.

Radebe said the two nations were also committed to co-operate in the defence sector.

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