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Eskom receives R2.6bn renewable energy boost

Author: Admire Moyo

Power utility Eskom has secured a $180 million (R2.6 billion) loan from the National Development Bank (NDB) – formerly BRICS Development Bank – to invest in renewable energy in SA.

Yesterday, the NDB announced its board of directors had approved its first set of loans involving financial assistance of $811 million, to be disbursed in tranches, supporting 2 370MW of renewable energy capacity.

 

According to the NDB, Eskom will get the funds over 12 to 20 years for transmission lines to evacuate 670MW generation and transformation of 500MW of renewable energy generation by independent power producers in the country. It believes the investment will result in a CO2 avoidance of two million tonnes.

 

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