The utility’s Group Chief Executive, Phakamani Hadebe, said the multi-tranche loan facility will contribute to Eskom’s plans to strengthen and refurbish the transmission infrastructure.
Eskom and the Agence Française de Développement (AFD) have signed a R1.5 billion (EUR 90 million) loan agreement to support the electricity utility’s investments in extending and strengthening its power transmission grid along the west coast of South Africa.
This loan constitutes the first tranche of a R 6.5 billion (EUR 400 million) multi-tranche loan facility signed between the two institutions in March 2017.
“This first tranche will be dedicated to financing of the Namaqualand Strengthening Phase 2: Juno Gromis Project, which aims to strengthen the power network in the Northern Cape Province, integrate renewable energy sources, and ultimately facilitate cross border transmission,” said the power utility.
Eskom plans to refurbish tran