Business News: Eskom Considers R106 Billion Wind and Solar Investment Plan
- A R106 billion investment plan is in the works by Eskom that will be focused on the generation of wind and solar power
- Eskom says the plan will see implementation over the next few years and will is expected to see completion in 2030
- Eskom plans on funding the extensive investment plan by loaning money from development finance institutions
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JOHANNESBURG - South Africa's state-owned power utility has a plan to invest in wind and solar power generation in the coming years.
Eskom plans to implement a plan that will invest R61.75 billion in wind power and R44.25 billion in solar energy by the end of 2030, according to BusinessTech.
Source: Getty Images
Eskom's plan, which can be implemented by the power utility or in collaboration with other companies, is the most thorough illustration yet of the utility's desire to transition away from coal by utilising the country's enormous wind and solar resources.
Some of the wind and solar power projects will be built on the sites of coal-fired power facilities that are set to shut down.
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Since Eskom currently has a debt of R400 billion, the power utility plans to find its extensive projects by borrowing funds from development finance institutions, according to Bloomberg.
The plan is set to be implemented in three phases with projects starting in 2022. The first phase will span over a year between 2022 and 2023. The second phase is set to begin in 2023 and end in 2025 and the third phase will see completion in 2030.
Go green or go home: Eskom looks into reducing carbon emissions
Briefly News previously reported that on Tuesday, 17 August, Eskom's CEO André de Ruyter covered the path to a green energy future as a central point of a University of Pretoria online lecture. De Ruyter revealed that the country's economy is 25% more carbon-intensive than China, speaking per capita.
It is also double the global average. South Africa also discharges almost half of the total carbon that has been emitted by Africa. Eskom counts for around 44% of Mzansi's total carbon emissions. De Ruyter stated that due to this, it is near impossible to ignore the carbon footprint being left.
According to BusinessLIVE, De Ruyter painted a picture of Eskom's green industrialisation future. The Group CEO explained that by transitioning to renewable energy, Eskom could push the country's green industrialisation forward.
Source: Briefly News
