Eskom in talks with financial institutions to acquire loans for projects

This comes after the utility signed a R1.5 billion loan agreement with the French Development Agency on Thursday to support its plans to build more transmission lines along the West Coast.

Picture: Eskom

JOHANNESBURG - Eskom says it's talking to a number of financial institutions to get loans to replenish its dwindling coffers.

This comes after the utility signed a R1.5 billion loan agreement with the French Development Agency on Thursday to support its plans to build more transmission lines along the West Coast.

Construction is set to begin early next year.

The power utility aims to raise over R70 billion this financial year to help add more capacity to it's under pressure electricity grid.

Eskom's Khulu Phasiwe said: “This construction ultimately is going to not only strengthen South Africa’s network but also the excess capacity that we have going forward. We might also evacuate that electricity to our neighbours in Namibia and elsewhere, who continue to be our partners.”

(Edited by Mihlali Ntsabo)