Power Crisis

Eskom gets R2.8bn from Germans

2008-09-10 21:03

Special Report

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Johannesburg - Eskom has signed an export credit financing loan agreement with German bank KfW-IPEX for approximately R2.8bn, the power utility said on Wednesday.

The agreement was signed by finance director Bongani Nqwababa and KfW-IPEX Bank's first vice president, Peter Purkl in Johannesburg.

The loan would be used to partially finance the six boilers that the Hitachi Power consortium would supply for the new Medupi Power Station in Lephalale.

The loan is repayable over 12 years after the commissioning of Medupi.

Speaking at the signing ceremony, Nqwababa said Eskom's partnership with KfW-IPEX was important in ensuring that Eskom continued to secure and stabilise the South African power system.

- Sapa

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