The World Bank has granted power utility Eskom a $250 million loan (about R1.9 billion) for its Eskom Renewables Energy Support Project.
The loan will help Eskom to implement two of the largest renewable energy projects ever attempted on the African continent.
It will also enable the utility to build a 100megawatt utility-scale, concentrating solar power plant in Upington and a 100megawatt wind power project in Sere, 300km north of Cape Town.
According to the World Bank, the loan is funded by the Clean Technology Fund which promotes scaled-up financing for demonstration, deployment and transfer of low-carbon technologies with significant potential for long-term greenhouse gas emissions savings.
"Africa is beginning to grow and the problem of energy insecurity is dampening that growth,” said World Bank Vice President for the Africa Region, Obiageli K. Ezekwesili.
He added that by investing in these cutting-edge, transformational solar and wind power projects, the bank is saying that Africa can lead the way in securing a clean energy future. - BuaNews
Readers' Comments Have a comment about this article? Email us now.