The New Development Bank (NDB) and South African power utility Eskom on Monday signed a U.S.$180 million loan agreement to connect 670MW of renewable energy projects to the national grid.
Under the agreement, the bank will provide a loan with a sovereign guarantee to Eskom for renewable energy integration and transmission augmentation project.
The PFF will also support renewable energy development and reduce the country’s reliance on fossil fuels.
In a joint statement, the NDB said modern grid connection infrastructure will be used for renewable energy projects and augmentation of the Eskom transmission network to the identified areas.
The bank also said the project will also help increase electricity supply to the targeted areas for sustainable development.
The project will enhance the country’s capacity for renewable energy while achieving sustainable growth. It also aligns with the bank's focus to support projects that aim at developing renewable energy sources.
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
- African News Agency (ANA)
