By Tanisha Heiberg
JOHANNESBURG, Oct 8 (Reuters) – South African power utility Eskom is still seeking funding for its shift from coal to greener fuels, but hopes to announce a deal at next year’s COP26 climate conference after talks with lenders including the World Bank, its chief executive said on Thursday.
Eskom, which generates 90% of South Africa’s power, has a 488 billion rand ($29.3 billion) debt burden and has imposed intermittent blackouts, denting economic growth and hurting investment.
The utility is in talks over funding with local and international developmental finance institutions, including the World Bank, and has received letters of support in principle, Andre de Ruyter told Reuters on the sidelines of the Joburg Indaba mining conference.
“There are both many local and international development finance institutions that are prepared to offer entities such as Eskom with funding linked to accelerated decarbonisation,” said de Ruyter.