South Africa,United Kingdom : EIB engages in deal with EKSOM for SOUTH AFRICAN solar station, worth 75 MILLION.

The European Investment Bank (EIB) declared that it has inked a new

75 million (R1.1 billion) finance contract with South African utility

company Eksom to assist Eskom s 100MW Concentrating Solar Power (CSP)

plant near to Upington in the Northern Cape.

CSP uses a number of innovative technologies to concentrate the sun

s energy through large mirrors and utilises the concentrated thermal

energy to produce steam to drive a conventional steam turbine for

electricity generation. CSP technology is similar to conventional power

plants in that steam is used to power a turbine and generator, but the

fossil fuel combustion is replaced with free, non-polluting solar

energy.

Eskom is committed to investing in projects that will diversify our

energy mix, including renewable resources, said Ayanda Nakedi, Eskom s

Senior General Manager for Renewables, 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.

The EIB is a valued partner who plays a key role in the funding of

not only the CSP project, but has also provided funding for other

projects in Eskom s capital programme, said Eskom s Finance Director, Ms

Tsholofelo Molefe.

The African Development Bank (ADB), French Development Agency

(AFD), Clean Technology Fund (CTF), TKfW and the World Bank have

co-financed this project.

For the neighboring Ka Xu CSP plant, the EIB has also provided a

total of 220 million. The last part of this support will be offered

through DBSA was agreed in June this year.

Energy is essential for economic activity and investment in new

renewable energy generation capacity can harness South Africa s natural

resources, said Pim van Ballekom, EIB Vice President, 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.

2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. (

Syndigate.info ).

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