Coal news and updates

Coal Company Sees First Equity for Renewables Shift in Botswana

Shumba Energy secured the first equity commitments to develop an $80 million solar project in Botswana as part of the coal company’s plan to shift to renewable energy. The company’s green energy unit, Shumba Renewables, received commitments of $950,000 from international investors, Shumba Energy’s Managing Director Mashale Phumaphi said in an interview Tuesday, without disclosing the names. Full funding for the 100-megawatt solar project that will be the nation’s largest and situated in north-eastern Botswana is expected by the second quarter of next year, Phumaphi said. Shumba Energy decided to invest in renewable energy even as the company holds licenses for an estimated 4.6 billion tons of coal in eastern Botswana and is still seeking partners to help develop the resources.