Mining News

South Africa’s green energy push hinges on R402bn debt fix

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The head of South Africa’s State power utility needs to substantially reduce its R402-billion of debt to realise his vision of transforming the coal-addicted behemoth into a leading green-energy producer and create as many as 300 000 jobs in the process. Eskom Holdings supplies more than 90% of the nation’s electricity, the bulk of it from coal, and emits more than two-fifths of the nation’s greenhouse gases. Andre de Ruyter, 53, its chief executive officer, wants to tap concessional loans from development finance institutions to finance renewable plants in exchange for accelerating the closure of some of its old, polluting power stations.

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