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State-owned power utility Eskom hopes to conclude more funding for its renewable energy projects in the near future, the utility, which secured a $365-million African Development Bank (AfDB) loan, said on Monday.
Eskom would use the AfDB loan towards financing its 100-MW Sere wind project in the Western Cape and a planned 100-MW concentrated solar plant in the Northern Cape.
The utility said that the AfDB loan formed part of a broader funding plan for renewable energy projects, which includes other development finance agencies.
The loan consists of $265-million from the bank’s own resources and $100-million from 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 CEO Brian Dames said that the utility was committed to reducing its carbon footprint. “This is an exciting time in the company's history with its first large scale introduction of two critically important renewable energy projects (wind and concentrated solar power) in its fleet.
“It further demonstrates South Africa's commitment to transition to a cleaner energy mix,” he added.
Eskom finance director Paul O’Flaherty said that the approval of the loan represented a vote of confidence in Eskom’s two renewable energy projects and acknowledged the AfDB’s role in financing critical and sustainable infrastructure for the continent’s development.
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