- South Africa’s utility will receive funding for renewable energy generation.
- The concession loan will come from Clean Technology Fund
Eskom Holdings, South Africa’s public electricity utility, will receive a loan of $57,67 million to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources.
The bank’s financing, a concessional loan, will come from the Clean Technology Fund, a multi-donor trust fund under the Climate Investment Funds. In addition, the pioneering Battery Energy Storage Systems Project is being co-financed with the World Bank and the New Development Bank.
The project involves the development of 200MW of battery storage with four hours of energy storage capacity per day, or 800MW in total, at seven sites in South Africa’s Western Cape, Northern Cape, Eastern Cape and KwaZulu-Natal provinces.
The project also contributes to South Africa’s ambitious Nationally Determined Contribution, in compliance with the Paris climate agreement.