This is a much needed boost to renewable energy for South Africa’s electric utility.
Africa’s largest power company, Eskom, has received approval for a $ 57.67 million loan from the African Development Bank to boost power generation from renewable energy.
Dr Daniel Schroth, African Development Bank’s Acting Director for Renewable Energy and Energy Efficiency, said the loan is based on a multi-donor funding program launched in 2011 by major development institutions under the Eskom Renewable Energy Support Project to help Eskom accelerate the development of renewable energy capacity to support long-term carbon mitigation in South Africa.
“In this regard, the African Development Bank has approved the concessional loan in the amount of $ 57.67 million from funds administered by the bank on behalf of the Climate Investment Funds (CIF) … The term of the loan is … 40 years, “he said.
Schroth said the loan will fund the Battery Energy System Storage (Bess) project, which includes the design, engineering, supply, construction, installation, testing and commissioning of battery storage infrastructure. distributed to seven sites in Western Cape, Northern Cape, Eastern Cape and Kwa-Zulu Natal.
“The sites are in Eskom substations located in existing variable renewable energy plants and sites dedicated to distributed solar photovoltaic. The installed capacity is 200 MW …
