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Monday, 25 April 2016 11:15

Eskom gets R2,6bn loan from Brics-supported bank

Eskom is on the list of recipients awarded the first set of long-term loans by the New Development Bank (NDB), also referred to as the Brics bank. Eskom will get $180 million (R2,6 billion) over 12 to 20 years, for transmission lines to evacuate 670MW generation and transformation of 500MW of renewable energy generation by IPPs in the country, said the NDB.

However, this loan is just a small amount of what Eskom says it needs in the next 20 years.

“We as Eskom have said that between now and 2025 we are going to spend R213 billion on transmission lines across the country, and R30 billion of this will be just for transmission lines from renewable energy plants,” said Eskom spokesperson, Khulu Phasiwe.

The funds from the loan will mostly be used to connect households in areas where there is no electricity. Part of the loan will be used to ensure that 44 companies are connected to the grid as part of the Renewable Energy Independent Power Producer Programme with sufficient transmission lines.

Source: eNCA

Link: http://www.enca.com/money/eskom-gets-r26-billion-brics-bank-renewable-energy

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