Eskom has been granted a $365-million loan by the African Development Bank for its wind and solar power projects.
Eskom has been granted a $365-million 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 $265-million from the Bank’s own resources and $100-million 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.
It would be used to finance a 100 megawatt (MW) wind project in the Western Cape and a planned 100 MW 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.—Sapa. .