Pretoria - Eskom has signed two export credit agency loans that will be used to fund the Ingula Pump Storage scheme and the Medupi power station.
On Wednesday, Eskom said it had concluded a loan worth approximately R1 billion with the Deutsche Bank which will be used to fund 85 percent of the turbine pump contract for the 1 352 MW Ingula Pump Storage scheme.
The scheme is situated on the boundary of KwaZulu-Natal and Free Sate.
The second loan agreement of approximately R600 million arranged by Credit Agricole CIB will be used to fund the 4800 MW Medupi power station construction in Lephalale, Limpopo.
Financial Director Paul O'Flaherty said Eskom is a key contributor to the growth of the South African economy.
"Funding is a critical enabler for the successful execution of the capacity expansion programme and export credit agency backed funding compliments our other sources of funding in the Eskom funding plan," he said.
