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World Bank approves $497 million loan to Eskom
- 2 years ago (2022-11-08)
- David Flin
The World Bank has approved a $497 million loan facility to Eskom for the repurposing of Komati Power Station. The first phase of the repurposing will be to install 150 MW of solar PV capacity, 70 MW of wind generating capacity, 150MW of Battery Energy Storage System (BESS), and synchronous condenser.
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The loan facility will cover three main components: decommissioning of the Komati Power Station; repurposing and repowering of the station; and other elements of the Just Energy Transition, including provision for the training of Eskom employees.
The project has been approved by the Eskom Board. The loan will be guaranteed by the South African National Treasury.
Mpho Makwana, Chairman of the Eskom Board, said: “This is a significant development for South Africa’s Just Energy Transition to renewable energy as it brings much needed funding to enable Eskom to train its employees and members of the host communities to empower them to continue playing a central role in the provision of clean energy for the country.”