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IPPs raise red flag over Eskom agenda after state capture report

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Cape Town – Eskom CEO Brian Molefe’s alleged behind-the-scenes efforts to ensure Gupta-owned Tegeta was able to buy Optimum Coal Mine took place at the same time the power utility publicly criticised the renewable energy sector as being too expensive, the South African Renewable Energy Counci (SAREC) said in its response to the state capture report.

Former public protector Thuli Madonsela’s report released on November 2 details how Tegeta agreed to pay R2.15bn for Optimum from Glencore in 2016, but was R600m short. Prepayment of about R660m made to Tegeta by Eskom  “appears to be entirely for the purchase price” of Optimum, the report states.

Eskom’s decision to make this payment was made late at night on the same day Tegeta told Optimum’s business rescue practitioners they were short by R600m, the report explains.

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