African Data Center Firm Teraco to Build Out Giant Power Plant [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
NASDAQ:AMEX Investor Relations:
absa.co.za/about-us/absa-bank/investor-relations
Company Research
Source: BNN Bloomberg
The firm raised an initial 2 billion rand ($104 million) with Absa Group Ltd. for the construction of a 120 megawatt solar plant and an 80 megawatt wind farm in South Africa's Free State province, which will power its facilities and help deal with rolling blackouts. “The plan is to get all of our power from renewable energy sources by 2035,” Chief Executive Officer Jan Hnizdo said in an interview. Almost daily outages in Africa's most developed economy that often leave homes and businesses without power for more than 10 hours a day are forcing companies to invest in their own generation facilities. Data centers, in particular, consume a significant amount of electricity and Teraco expects the solar plant to provide eight hours of supply per day, supplementing power from Eskom Holdings SOC Ltd. Teraco expects the state-owned power utility's coal dependency to decrease from 85% to 60% over the next three years as more independent power producers come on stream. Negotiations to
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