Eskom signs loans to fund pumped-storage hydropower plant, thermal plant

South Africa power utility Eskom said it has signed two export credit agency loans for a total of 171.7 million euros (US$217.3 million) to fund parts of its Ingula pumped-storage hydro plant and its Medupi thermal plant, wire services reported.

Eskom said it had negotiated a loan of 108 million euros with Deutsche Bank and one for 63.7 million euros with Credit Agricole CIB, both acting as sole arranger, agent and lender, Reuters reported.

The 1,352-MW Ingula pumped-storage hydropower plant is one of Eskom’s initiatives to boost supply while reducing its carbon footprint.

Medupi, a 4,800-MW coal-fired plant, is expected to come online in 2012.

In other news, Zambia has signed an agreement with two Chinese companies to build the 600-MW Kafue Gorge Lower hydropower plant, government officials in Zambia said.

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