Africa holds more than $4-trillion (R68-trillion) in domestic investable capital, but much of it remains in short-term instruments rather than being directed into long-term infrastructure, according to speakers at the Sixth South Africa Investment Conference (Saic 2026) in Sandton on Tuesday.
The panel discussion, held under the theme “Powering Economic Growth: Energy and Critical Minerals”, came as South Africa seeks to expand renewable energy while addressing transmission constraints, financing gaps and the role of private capital in new infrastructure. Framed around what it means to “finance the future” using energy infrastructure as a catalyst for investment, industrialisation and competitiveness, the panel repeatedly returned to how South Africa and the continent can use domestic savings to support energy, industrial development and future growth.
Lagos-based Africa Finance Corporation president and CEO Samaila Zubairu said Africa’s domestic capital pools remain underused in infrastructure financing. “In South Africa alone, over $1.1-trillion in pension and insurance assets could be mobilised to finance renewable energy, industrial development and technology-led growth,” he said. “Infrastructure should be recognised as a long-term asset class, enabling Africa to build its future with its own capital.”
Zubairu said policy reforms would be needed to channel more of that capital into infrastructure and industrial development. He linked infrastructure investment to broader questions of industrialisation, local processing and long-term economic development, arguing that domestic capital would need to play a larger role in financing Africa’s next phase of growth.
That message comes as South Africa tries to convert energy reform into deployable investment. Recent reforms and procurement programmes, including Independent Transmission Projects (ITPs) and the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), are intended to expand grid capacity and support private investment in renewable energy. But the panellists suggested financing and implementation will determine whether those opportunities can be scaled.
A recurring issue in the discussion was the transmission network, which remains a major constraint on the pace of new generation. Eskom group CEO Dan Marokane said transmission expansion would be central to connecting renewable energy from resource-rich areas to the country’s load centres.
“The participation of the private sector in the ITPs is very important so that we enable broader participation in this space,” Marokane said. South Africa would need to invest in dispatchable technologies, including gas-to-power and battery storage, as renewable energy penetration increases, he said.
“We need to start paying attention to these dispatchable technologies,” he said.
The panel also turned to the role of energy infrastructure in supporting new industrial activity, including green hydrogen. Sasol president and CEO Simon Baloyi said renewable energy would have to come first if South Africa wanted to build a green hydrogen economy.
“Green hydrogen will first and foremost require renewable energy,” Baloyi said. He said industrial users could help create demand for hydrogen as more renewable energy comes onto the system.
Baloyi also pointed to export potential, saying renewable energy and hydrogen could support new industrial value chains if paired with the right infrastructure. “Once we have abundant renewable energy we can integrate that hydrogen into our facilities creating a springboard for exports,” he said.
Seriti Resources CEO Mike Teke said private companies had a responsibility not only to invest in projects but also to commit to them over the long term. He pointed to Seriti’s own investment in renewable energy and grid-related infrastructure as an example of how private capital can support the energy transition.
“The private sector role is one from an investment point of view, to commit to funding the projects they identify,” Teke said. He pointed to the construction of main transmission substations for handover to Eskom as one example.
In November, Seriti Green, the group’s renewable energy arm, handed over the Vunumoya Main Transmission Station in Bethal, Mpumalanga, to Eskom and the National Transmission Company South Africa. The R1bn-plus facility, constructed over 18 months, has been integrated into the national grid to support renewable energy connections in the region.
Teke also said infrastructure investment should have a direct effect on surrounding communities. “As we invest in these projects, we uplift the communities within which we operate,” he said, referring to towns including Davel, Embalenhle, Bethal and Morgenzon.
On the financing side, Development Bank of Southern Africa (DBSA) CEO Boitumelo Mosako said South Africa would need financing instruments that work at scale rather than only on a project-by-project basis.
She pointed to the role of blended finance, credit guarantees and project preparation in helping make infrastructure projects bankable and more attractive to capital providers. “As a development finance institution, we are enabling execution of the energy integrated resources plan for the next 10 years and welcome conversations with stakeholders,” Mosako said.
She said project preparation remained essential, arguing that there is “no bankable project” without it.
Saic 2026 builds on previous conferences, which since 2018 have generated more than R1.5-trillion in investment pledges, with hundreds of projects already under way or completed. The conference explores how domestic and international capital can be directed toward concrete projects that support South Africa’s economic growth and competitiveness.
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