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Eskom’s R20bn loan will go a long way help keep the lights on

The state utility has secured a R20 billion loan from the African Development Bank.

The Medupi Power Station Unit 6, Liphalale, Limpopo. Picture: GCIS.

JOHANNESBURG - Eskom says a loan agreement that's been signed this week will be able to help fast track its expansion programme, including the Medupi and Kusile Power Stations.

The state utility has secured a R20 billion loan from the African Development Bank.

A portion of the loan will come directly from the bank while the rest will come from other banking facilities that the development bank will arrange.

The loan boost comes after an announcement from Brian Molefe that the utility has secured over 50 percent of funding for the 2016/17 financial year.

Eskom's Khulu Phasiwe says this will go a long way in terms of completing some of its build programmes.

"This R20 billion is going to be added on to the R83 million we currently have. We are just gradually making sure that we just close the gap, because over the next five years we will require just over R300 billion to make sure that we have enough cash to finish the two major projects."