British International Investment launches new name in South Africa
British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, launched its new name at a business reception in Johannesburg and reaffirmed its commitment to invest to accelerate South Africa’s economic dynamism. BII will deploy its patient long-term capital toward scaling climate finance and expanding the country’s clean energy capacity, increasing investments into economic transforming sectors, and backing productive and inclusive opportunities across the country.
Nick O’Donohoe, chief executive of BII, co-hosted the event alongside Adam Bye, Deputy High Commissioner to South Africa. Addressing the business leaders, key local stakeholders, ministers and BII partners in attendance, O’Donohoe highlighted the DFI’s special relationship with South Africa and reiterated BII’s ambition to align its investment strategy to help solve pressing challenges in South Africa including urgently delivering reliable clean energy.
In 2021, BII’s portfolio in South Africa was valued at over $142 million. Having significantly scaled its investments into clean energy infrastructure in 2022, the DFI’s commitment today now stands at over $520 million.
These latest investments include BII’s partnership alongside Standard Bank and H1 Holdings in three Kenhardt projects under South Africa’s Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP). The projects represent Africa’s largest and South Africa’s first baseload renewable energy project, powered entirely by renewable sources. BII also invested in H1 Holding, a South African renewables investment and development company.
O’Donohoe also highlighted BII’s investment focus on helping to reduce inequality in South Africa. The DFI’s recent investment in Lona Foods is increasing productive and inclusive economic opportunities for low-income workers – particularly women. BII backed Summit Fund, a private equity fund that is investing in underserved areas, and the DFI’s commitment to H1 Capital marked its first direct investment in a Broad-based Black Economic Empowerment (BBEE) company in South Africa.
Commenting on BII’s future ambitions in the country, chief executive officer Nick O’Donohoe said, “BII will continue to partner with key players whose work help to promote inclusive opportunities and stimulate productive and sustainable growth.”
“We are committed to championing the expansion of South African firms into other African markets, to facilitate knowledge sharing and deliver best-in-class technical and operational expertise that will accelerate national and continental prosperity. As we advance through our new strategy period, BII remains determined to leverage our expertise as Africa’s largest climate finance investor to invest in nascent renewable technology, and water supply projects and help mobilise more commercial capital to grow South Africa’s economy.”
The DFI has an office in Johannesburg, which is led by Thithi-Kuhlase-Maseko.