World Bank approves $250m for Eskon power plant
28 October 2011
The World Bank has approved $250 million (£175.5 million) in funding for a power facility in South Africa.
Utility firm Eksom has been granted the money to develop a wind and solar plant in Upington, in the Northern Cape province, and a wind power project at Sere, north of Cape Town.
As part of plans to meet the country's immediate energy needs – and move towards cleaner energy sources - billions of dollars of projects to build and upgrade existing coal-fired power plants are already in place.
A statement from the World Bank said that "the loan will help Eksom to implement two of the largest renewable energy projects ever attempted on the African continent".
Eksom has also signed two loan agreements worth a combined total of $365 million to develop the projects, both with the African Development Bank (AfDB).
South Africa recently announced its intention to focus on improving infrastructure in the country, with $101 billion earmarked for new projects over the next three years.