South Africa's JETP funding faces hurdles from hidden risks, with 85% of grants deployed by Dec 2025, but comparisons to bond yields are misleading.

South Africa’s Just Energy Transition Partnership (JETP) funding faces challenges in assessment due to hidden risks like exchange rate fluctuations and disbursement conditions, making direct comparisons with domestic bond yields misleading, according to Energy Minister Kgosientsho Ramokgopa. As of December 31, 2025, 85% of JET grants, all policy-based loans, 28% of concessional loans, and 8% of commercial instruments had been deployed. About $5.7 billion in international pledges were allocated to JET priorities, with the rest in preparation. The government finds JETP policy-based loans favorable, while private projects like Anthem’s 320MW wind farm in the Northern Cape advance, including grid integration via self-built infrastructure and plans for expansion into Eswatini and Zambia.