Eskom and the AfDB have signed a US$365 million loan agreement, which will allow the implementation of large-scale solar and wind-power projects.
The agreement is seen as a further commitment from Eskom to reduce its carbon footprint.
25 September 2011: The African Development Bank (AfDB) has signed a US$365 million loan agreement with Eskom, an electricity company that operates in the countries of the Southern African Development Community (SADC), to implement large-scale wind and solar generation projects.
The loans consist of US$265 million from the AfDB and US$100 million from the Clean Technology Fund (CTF). According to AfDB, the agreement illustrates Eskom’s commitment to reduce its carbon footprint.
The loans, which are secured by the South African Government, are part of a broader funding plan to expand Eskom’s renewable energy projects. The signing ceremony took place in Washington, DC, US, on the sidelines of the 2011 World Bank/International Monetary Fund (IMF) Annual Meetings. [AfDB Press Release]