Britain’s prime minister Theresa May has expressed her desire to invest 56 million pounds in battery storage facilities in South Africa during her current visit to the country, media reports said on Wednesday (29).
Battery storage facilities are expected to help the African nation to manage peaks and troughs in power supply from solar, wind, and other renewable energy projects. The facilities can be used as when there is a power demand.
The investment is being supported by Britain’s share of a £4.19 billion Clean Technology Fund, which provides financial aid for developing countries to adopt low-carbon technologies.
Earlier, Theresa May stated that she would take steps to make significant investments in Africa. During a current three-day visit to the continent, May has assured £4bn of support for Africa’s growing markets. Britain’s aim of strengthening the trade relations with Africa comes ahead of Britain’s exit from the European Union scheduled for next year.
Britain’s efforts for a direct investment in Africa will exhibit a fundamental shift in direction from short-term poverty reduction to a long-term economic growth of African countries strengthening the ties with continent further.
May has also added that the UK will treat African countries as “equal partners” and support British corporate giants to boost trade ties with African countries.
In her latest tweet, the British prime minister tweeted, “while on my trip to Africa, it’s worth remembering there is a huge demand around the world for British goods and services,” showing her confidence on demand for UK goods and services in African countries.
“The UK has long been the biggest investor in South Africa, and is the second biggest investor across Africa….. My ambition is for the UK to be the number one G7 investor in Africa by 2022,” said Theresa May in a press statement issued during her visit to South Africa on Tuesday (28).