Eskom counts down on funding decision

The World Bank’s (WB) Clean Technology Fund (CTF) is expected to take a final decision on a $350 million (R2.6 billion) loan for South Africa’s power utility Eskom no later than June, a minister said on today.

State-owned Eskom, which is spending billions of dollars to build and upgrade existing coal-fired power plants, wants to diversify the energy mix of Africa’s largest economy towards cleaner sources such as solar and wind.

Eskom submitted a $350-million loan application to the World Bank, the African Development Bank and other co-financiers – through the CTF – to finance a 100 megawatt concentrated solar power plant and a separate 100 MW wind power plant.

“The CTF appraisal team was in South Africa (between) February 7 and February 12 2011 and the final outcome is expected in June 2011 at the very latest,” Sibusiso Ndebele, transport minister and chairman of government’s infrastructure development cluster, told a media briefing.

South Africa could produce its first solar power from a mooted solar park by 2012, and depending on investor appetite, eventually supplying 5,000 MW of power as a viable and cost-effective alternative to energy from coal.

South Africa currently gets about 90-95% of its electricity from coal-fired plants.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
Who do you think is going to win the 2020 US election?
Please select an option Oops! Something went wrong, please try again later.
Results
Biden is going to take it
46% - 6710 votes
It's four more years for Trump
54% - 7806 votes
Vote
ZAR/USD
16.20
(+0.83)
ZAR/GBP
21.21
(+1.09)
ZAR/EUR
19.16
(+1.03)
ZAR/AUD
11.51
(+0.78)
ZAR/JPY
0.15
(+0.93)
Gold
1898.48
(-1.19)
Silver
24.55
(-1.54)
Platinum
873.00
(-1.13)
Brent Crude
42.06
(-3.35)
Palladium
2383.00
(-0.06)
All Share
54765.79
(-1.05)
Top 40
50261.27
(-1.26)
Financial 15
10383.73
(+2.42)
Industrial 25
74126.75
(-0.60)
Resource 10
52744.57
(-3.13)
All JSE data delayed by at least 15 minutes morningstar logo