Eskom secures $1.5bn loan from China
This is the second tranche of a $5bn facility agreed with China Development Bank in 2016
Eskom signed a $1.5bn (R19.6bn) loan agreement with China Development Bank on Thursday, to partly finance its Medupi coal power plant, acting CE Johnny Dladla said on Thursday. The loan is the second tranche of a $5bn funding facility Eskom is seeking, after signing a $500m credit facility with China Development Bank in 2016. "This loan will also aid us in ensuring that we complete the Medupi project and ensure security of energy supply," Eskom’s acting CEO Johnny Dladla told reporters. The power utility, which has in the past been forced to impose power cuts due to insufficient supply, is scrambling to revamp its ageing power plants.
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