Eskom gets $365m for renewable energy projects

During the 2011 World Bank/IMF annual meetings in Washington, DC, the African Development Bank (AfDB) and Eskom signed two loan agreements totalling $365 million, enabling the first large-scale implementation of renewable wind and solar energy generation in Eskom's history.

According to the AfDB website, the loans consist of $265 million from the AfDB and $100 million from the Clean Technology Fund, a climate investment fund that promotes the transfer of low carbon technologies. The loans, says AfDB, will further Eskom's commitment to reduce its carbon footprint as it sets out to begin construction of its planned Sere 100 megawatt wind project at Vredendal, Western Cape, early 2012.

The AfDB adds that the loans are guaranteed by the South African Government and the guarantee agreements were signed by South Africa's minister of public enterprises, Malusi Gigaba, and minister of finance, Pravin Gordhan.

Read the full article on www.ghanabusinessnews.com.