News24

Eskom signs loans for wind project

2011-09-25 22:35

Johannesburg - Eskom signed two loan agreements totalling $365m with the African Development Bank on Sunday, which will enable it to implement a renewable wind and solar generator, the electricity parastatal said.

"These are exciting times for Eskom," CEO Brian Dames said in a statement.

"We are committed to a cleaner energy future and we now have the capability to implement our large-scale wind and solar generation projects. We appreciate the roles the African Development Bank and the South African government have played in making this possible," he said.

Public Enterprises Minister Malusi Gigaba and Finance Minister Pravin Gordhan signed the loan agreements in Washington on Sunday.

The loan will go towards financing Eskom's 100MW Sere Wind Project in Vredendal in the Western Cape.

Eskom has also received loans from the Agence Française de Développement (AFD), the World Bank and the Clean Technology Fund.


Comments
  • Peter - 2011-09-25 23:52

    At last.

      Nicolai - 2011-09-26 07:30

      Yes this is truly awesome! Imagine in a few years charging your electric car with energy solely generated from wind, sun and geothermal energy! An awesome prospect! Our planet has given us SO much...time we help it on it's road to recovery yes? Having said that, lets hope the money goes to Clean energy and not luxury cars for Fat Cats hmmm? ;P

      david - 2011-09-26 08:23

      The same "wind power" that's failing commercially everywhere else in the world? Come on now :(

  • czv - 2011-09-26 00:51

    Finally Eskom. Somebody using the grey stuff! We have so much sun and wind in SA. Now just do it properly. Good maintenance. Lots of space in Karoo for solar panels too.

  • leonard - 2011-09-26 01:10

    I applaud this positive move.Just two requests please.1-use competent engineers including whites(not comrades only)2-Dames,your bonus was obscene this year,don`t use this as an excuse for an even bigger one next year.

  • fransz - 2011-09-26 05:31

    Great , I just wonder why they had to travel to Washington to sign an agreement with the African development bank? I suppose their hq is in the US

      MikeLearview - 2011-09-26 07:50

      Good question. According to their website, their HQ is a bit more local: QUOTE The African Development Bank Group, founded 1964. - Constituent Institutions: The African Development Bank (ADB), The African Development Fund (ADF), The Nigeria Trust Fund (NTF). - Headquarters Abidjan, Côte d’Ivoire - Temporary relocation Tunis, Tunisia - Shareholders: 53 African countries (regional member countries), 24 non-African countries (non-regional member countries) UNQUOTE

  • haroldrvjansen - 2011-09-26 06:53

    I hope someone is keeping tabs of all of the loans? Great to see Eskom venturing into this area of power generation.

  • Marshall - 2011-09-26 07:01

    Vredendal,Koekenaap, Lutzville here comes jobs, investments and lots of people into the area.

  • Kabelo - 2011-09-26 08:07

    Is this another way of handing our country to europe? Eskom is always seeking loans - is it not a profit making organization? What are they doing with their profit if any, pay loans and salaries? This is now concerning to me, Eskom = Loans?

      Burnicus - 2011-09-26 08:27

      As is often the case with large loans from developments banks, the interest rate is very low and the repayment terms are favourable, so it makes sense to rather borrow the money than spend the cash or profit of your business, since you can earn a better return on your cash by using it for other purposes.

      DW - 2011-09-26 11:04

      Burnicus, with ANC and Eskom's reputation, it would be better if the loan was administered by someone outside of SA. Yes it does make sense to rather borrow money, but using the profits for "other purposes" like paying fat bonuses to directors is unethical when they have had the massive increases that they have demanded from the SA public - we held to ransom as we have no alternative but to use their electricity. Its not like there is another electricity supplier to choose from. If they take large loans at low interest rates for development, then where is the justification for 25% annual increases which was supposed to raise funds for these projects. I am all for loans at low rates to fund the development, but not both - especially when I pay and the top guys get rich.

  • Slapper - 2011-09-26 08:23

    Should go down well. Eskom is full of wind.

      THE-SRG - 2011-09-26 12:20

      more like hot air

  • Daemos1 - 2011-09-26 08:49

    FINALLY

  • Robbie - 2011-09-26 10:03

    There goes our bird and bat population... This money should have been spent on Nuclear Power instead.

      THE-SRG - 2011-09-26 12:21

      that's the stupidest thing i have ever heard

  • Toi - 2011-09-26 10:22

    I dont believe in anything until something happens...right now all i believe in is the ridiculously electricy rates that are making our lives miserable while Eskom executives are better off in their villas paying subsidised electricity and me in my shack i get to pay for electricity i dont even use.

  • ANC Comrade - 2011-09-26 10:26

    They should get Julias a wind powered generator. All the crap he talks is like farts anyway. He could power the whole South Africa

  • Badballie - 2011-09-26 11:01

    suppose the tax payer gets to foot the bill as usual. People need to start sorting out their own power and water needs, The State cannot and should not be allowed to handle what is effectively a money making scheme for them.

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