Pretoria - Power parastatal Eskom has been granted a $250 million loan (about R1.9 billion) for its Eskom Renewables Energy Support Project (ERSP), said the World Bank.
The loan will help Eskom to implement two of the largest renewable energy projects ever attempted on the African continent.
It will enable the utility to build a 100megawatt, utility-scale, concentrating solar power plant in Upington as well as a 100megawatt wind power project in Sere, 300km north of Cape Town.
"The World Bank's Board of Executive Directors today approved $250 million in funding for the Eskom Renewables Energy Support Project (ERSP) to help implement the pioneering and innovative Upington concentrating solar power and Sere wind power plants in South Africa," said the Bank on Thursday.
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. By investing in these cutting-edge, transformational solar and wind power projects, we are saying that Africa can lead the way in securing a clean energy future," said World Bank Vice President for the Africa Region, Obiageli K. Ezekwesili. - BuaNews
The loan will help Eskom to implement two of the largest renewable energy projects ever attempted on the African continent.
It will enable the utility to build a 100megawatt, utility-scale, concentrating solar power plant in Upington as well as a 100megawatt wind power project in Sere, 300km north of Cape Town.
"The World Bank's Board of Executive Directors today approved $250 million in funding for the Eskom Renewables Energy Support Project (ERSP) to help implement the pioneering and innovative Upington concentrating solar power and Sere wind power plants in South Africa," said the Bank on Thursday.
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. By investing in these cutting-edge, transformational solar and wind power projects, we are saying that Africa can lead the way in securing a clean energy future," said World Bank Vice President for the Africa Region, Obiageli K. Ezekwesili. - BuaNews
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