Picture: REUTERS
Picture: REUTERS

Eskom has said it’s secured about R48.8bn of the funding it requires for the financial year ending March 31.

Of the remaining R23.2bn, or 32% of the total, R15bn will come from structured products, Eskom said in a statement on Tuesday. A further R4.5bn will come from domestic bonds, including R2.3bn with a duration of less than a year. The balance will come from development finance institutions and export credit agencies, it said.

Eskom didn’t immediately respond to a request for further details of the new funding.

Eskom — which had amassed R399bn of debt by the end of March, according to data compiled by Bloomberg — has been flagged by ratings companies as a key risk to SA’s economy. The cash-strapped utility sold $1.5bn of eurobonds earlier this month, tapping international markets for the first time in more than three years.

Last month, Eskom signed a $2.5bn loan agreement with China Development Bank to go towards construction of the Kusile power station.

Bloomberg

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