Displaying items by tag: Industrial Development Corporation

South Africa: Saudi Arabia-based ACWA Power and Industrial Development Corporation of South Africa (IDC South Africa) have partnered to explore the development of green hydrogen infrastructure opportunities in South Africa. Together, they will aim to accelerate the country's transition into a green hydrogen economy across industries including cement production. ACWA Power projected the potential value of developments at US$10bn.

South Africa is committed to achieving net zero CO₂ emissions by 2050.

ACWA Power's vice chair and chief executive officer Paddy Padmanathan said "As a company that is driving the energy transition, ACWA Power is proud to work closely with the IDC, with whom we share a robust working history, and today we are delighted to take our collaboration further. I am confident that our expertise in developing mega-scale green hydrogen projects in other geographies will enable us to successfully create a new avenue of sustainable energy generation - one that will pave the path to further progress.”

Namibia: The Industrial Development Corporation (IDC), a South African development finance institution, says it would like to increase its share in Ohorongo Cement. It has made the statement in response to the acquisition of a majority stake in the cement producer by Singapore’s International Cement Group in March 2019, according to the Namibian Sun newspaper.

The IDC owns a 14% stake in Ohorongo Cement. It says it is committed to Ohorongo Cement and that it wants to support Namibia's indigenisation programme through local ownership. It is talking to other shareholders including the Development Bank of Namibia (DBN), which owns an 11% stake in Ohorongo. The DBN has also expressed concerns on the takeover by International Cement Group.

South Africa: Magotteaux International has become a strategic equity partner in Grinding Media South Africa (GMSA). The decision follows an agreement between the Industrial Development Corporation (IDC) and Magotteaux on extending their partnership in GMSA. GMSA, a newly created company spun out of industrial group Scaw Metals, specialises in the manufacturing and design of grinding balls for use in the mining, cement and utilities industries.

The partnership will also enhance the technical and financial capacity of the business as well as provide access to new growth markets. As part of this partnership, Magotteaux will assume the operational management of GMSA upon conclusion of the agreement.

“Magotteaux has been collaborating closely with Scaw High Chromium grinding media for more than 30 years”, said Sébastien Dossogne, chief executive officer (CEO) of Magotteaux.