South Africa’s government said it will invest 20 billion rand (US$2.9 billion) into Eskom Holdings Ltd. to help the South Africa utility fund increased power generating capacity, Bloomberg reported.
The loan will fund new power projects, including a pumped-storage hydro plant, wire reports indicate.
The loan will help fund the utility’s 12,300-MW expansion program, designed to ease power shortages that saw rolling blackouts hit the country in 2008, the company said.
Eskom said the loan would help develop a pumped-storage hydroelectric project and two coal-fired power stations.
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