Absa, a South African-based financial services group, and African Rainbow Energy and Power, an African energy company focused on clean energy solutions, formed a joint venture called African Rainbow Energy as an African-led, world-class, renewable energy investment platform. Financial terms were not disclosed. The establishment of African Rainbow Energy expands the pool of funding available for renewable energy developments in South Africa, at a time when the country is accelerating its plans to expand and diversify its energy base through the Renewable Energy Independent Power Producer Programme.