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Cape Town - Eskom announced on Tuesday that it will sign a R1.3bn loan agreement with Agence Française de Développement (AFD).
The funding will go towards financing Eskom’s 100mw Concentrating Solar Power (CSP) plant near Upington in the Northern Cape.
The project is expected to deliver an annual energy production of 525 GWh and will be sufficient to power 200 000 homes.
“CSP is one of Eskom’s first utility scale projects outside of the existing hydro portfolio and it puts us on a path towards reducing our carbon footprint and investing in a sustainable energy future,” said Eskom chief executive, Brian Dames.
The leveraging of finance from institutions like AFD will contribute to the country’s low carbon trajectory and commitment to climate change, said Eskom’s senior general manager for renewables, Ayanda Nakedi.
"The CSP project will pave the way for industrial development and job creation by promoting the localisation of this technology."
The AFD is co-financing the CSP plant together with the African Development Bank, Clean Technology Fund (CTF), European Investment Bank (EIB), KfW and the World Bank.
The AFD is a bi-lateral development finance institution that works on behalf of the French government.
It operates in over 60 countries and has been operating in South Africa since 1994.
Reserve Bank governor, Gill Marcus warned that the economy may not grow as expected due to electricity supply shortages.
The utility issued several warning during Winter asking consumers to save electricity.
In September, Eskom also urged South Africans to save electricity during summer, adding that the commercial sector can make the biggest difference.
- Fin24
The funding will go towards financing Eskom’s 100mw Concentrating Solar Power (CSP) plant near Upington in the Northern Cape.
The project is expected to deliver an annual energy production of 525 GWh and will be sufficient to power 200 000 homes.
“CSP is one of Eskom’s first utility scale projects outside of the existing hydro portfolio and it puts us on a path towards reducing our carbon footprint and investing in a sustainable energy future,” said Eskom chief executive, Brian Dames.
The leveraging of finance from institutions like AFD will contribute to the country’s low carbon trajectory and commitment to climate change, said Eskom’s senior general manager for renewables, Ayanda Nakedi.
"The CSP project will pave the way for industrial development and job creation by promoting the localisation of this technology."
The AFD is co-financing the CSP plant together with the African Development Bank, Clean Technology Fund (CTF), European Investment Bank (EIB), KfW and the World Bank.
The AFD is a bi-lateral development finance institution that works on behalf of the French government.
It operates in over 60 countries and has been operating in South Africa since 1994.
Reserve Bank governor, Gill Marcus warned that the economy may not grow as expected due to electricity supply shortages.
The utility issued several warning during Winter asking consumers to save electricity.
In September, Eskom also urged South Africans to save electricity during summer, adding that the commercial sector can make the biggest difference.
- Fin24
