HomeNewsEskom’s new CSP plant moves step closer with Euro investment

Eskom’s new CSP plant moves step closer with Euro investment

South Africa’s national utility Eskom has secured a ZAR1.1 billion (€75 million) loan from the European Investment Bank (EIB) for a 100 MW concentrating solar power (CSP) plant in the Northern Cape.

The project close to Upington is being co-financed with the African Development Bank, Agence Française de Développement, Clean Technology Fund, KfW and the World Bank.

Developing renewable energy

Commenting on securing the finance, Ayanda Nakedi, senior general manager for renewables at Eskom, said: “The potential to deploy CSP technologies on a large scale is promising, and we are pleased to have taken another step forward in funding our Upington solar plant with this loan agreement.”

Pim van Ballekom, vice-president of the European Investment Bank, added: “The European Investment Bank is pleased to work with Eskom to support the CSP plant that will act as a model for similar schemes elsewhere, and looks forward to continued engagement in South Africa under a new mandate agreed earlier this year.”

The European Investment Bank has provided a total of ZAR3.1 billion (€220 million) for the neighbouring Ka Xu CSP plant.