Eskom to receive R1bn from German bank

Eskom headquarters, MegaWatt Park, Johannesburg

Headquarters of Eskom, Megawatt park, north of Johannesburg. Eskom generates approximately 95% of the electricity used in South Africa and approximately 45% of the electricity used in Africa.

JOHANNESBURG – Eskom will receive a $100-million (R1,375- billion) cash injection from German state-owned bank, KFW.

The power utility has signed a loan facility with the lender, to connect renewable power projects run by independent producers to the grid.

The funds will enable an expansion of the transmission network in the Northern Cape.

READ: Cash-strapped Eskom tables new offer

Following major delays, the government finally signed power purchase agreements for projects worth over $4-billion in April.

Eskom says this is part of the new funding it intends signing with development finance institutions this year.

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