News24

Eskom gets loan for solar, wind

2011-06-06 18:00

Cape Town - Eskom has been granted a $365m loan by the African Development Bank (AfDB) for its wind and solar power projects, the parastatal said on Monday.

The AfDB board approved the loan, which consists of $265m from the Bank's own resources and $100m from the resources of the Clean Technology Fund (CTF).

"The CTF loan is for 40 years and was concluded under the South African Government Guarantee for Eskom's debt," Eskom said in a statement.

It would be used to finance a 100MW wind project in the Western Cape and a planned 100MW concentrating solar power project in the Northern Cape.

These projects were undertaken by Eskom to help reduce its carbon footprint.

Eskom's chief executive Brian Dames said the loans were part of a "broader" funding plan which included other development finance agencies.

"Eskom hopes to conclude funding from other agencies for these renewable projects in the near future," he said.

Comments
  • Joy - 2011-06-07 07:39

    great stuff ! a positive step forward !

  • Other Justin - 2011-06-07 11:47

    Joy, don't get too excited. Good for the environment, bad for the South African taxpayer. We will be repaying these loans. The government has guaranteed Eishkom's debt, so in the end the fat cats get fatter and the South African public get poorer, especially the endangered South African taxpayer.

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