Eskom signed two loan agreements totalling 365 million US dollars with the African Development Bank on Sunday, which will enable it to implement a renewable wind and solar generator, the electricity parastatal said.
“These are exciting times for Eskom,” CEO Brian Dames said in a statement.
“We are committed to a cleaner energy future and we now have the capability to implement our large-scale wind and solar generation projects. We appreciate the roles the African Development Bank and the South African government have played in making this possible,” he said.
Public Enterprises Minister Malusi Gigaba and Finance Minister Pravin Gordhan signed the loan agreements in Washington on Sunday.
The loan will go towards financing Eskom’s 100 megawatt Sere Wind Project in Vredendal, Western Cape.
Eskom has also received loans from Agence Française de Développement, the World Bank and the Clean Technology Fund.