PROFILE: Meet the head of renewable energy at Absa
The business case for renewable sources of power — especially solar — has improved, says Absa’s Justin Schmidt
As SA recovers from its longest bout of stage 4 load-shedding, Absa is betting on a future in which electric power generation will be a routine entry on a company’s balance sheet, just like sales, revenue, labour and interest. Justin Schmidt, head of Absa’s renewable energy business unit, is a banker-cum-energy consultant who is tasked with providing long-term financing products for the power needs of retail clients in the commercial and industrial sectors. Renewable energy has traditionally been the preserve of entities with large cash balances because the cost has priced ordinary people and small to medium businesses out of the market. But Schmidt says the tide is turning. "The business case has improved over the years." He says solar energy is now a viable, cost-effective alternative to Eskom electricity from the grid. Diesel generators and wind are yet to reach that point for the mass market. Absa has worked with businesses like Morgenster Wine & Olive Estate in Somerset West to...
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