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China Development Bank provides $500 million loan to Eskom for Medupi, Kusile, and Ingula Power Plants (Linked to Record ID#58385)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Electricity Supply Organization (Eskom) |
| Country | South Africa |
| Start Date | Oct 03, 2016 |
| End Date | Jul 21, 2033 |
| Duration | 6,135 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 52560 |
Grant Description
China Development Bank provides $500 million loan to Eskom for Medupi, Kusile, and Ingula Power Plants On October 3, 2016, China Development Bank and the Electricity Supply Commission (Eskom) — South Africa's state-owned electric power company — signed a $500 million loan agreement. The South African government-guaranteed loan was payable three years after the date the loan agreement was signed.
Its interest rate is unknown.
The proceeds of the loan were intended to support Eskom’s capital expansion program, including the Medupi, Kusile, and Ingula power plants and the Matla mine 1 shaft relocation. The loan fully disbursed in December 2016.
Medupi is a coal-fired power plant with a capacity of 4764MW, Kusile is a coal-fired power plant with a capacity of 4800MW, and Ingula is a pumped-storage hydroelectric power plant with a capacity of 1332MW. As of 2018, the Ingula Plant was fully operational, but the Medupi and Kusile Plants were still under construction.
Staff Comments
1. In 2017, CDB provided an additional $1.5 billion loan to Eskom for the Medupi Power Plant, which is captured via Record ID#58385.
Sources & References
- Political/commercial background: International agreements
- Chinese president in South Africa to discuss trade
- China Development Bank provides $500m to Eskom
- ESKOM HOLDINGS SOC LTD
- Annual financial statements
- SA
- China ink R94 billion worth of agreements
- Eskom China Development Bank Facility 2016
- Eskom secures $500m credit facility
- Ubuntu News Flash Issue 244
- Infrastructure Financing Trends in Africa - 2015
- China’s Global Energy Finance: Chinese Development Bank (CDB) and Export-Import Bank of China (Ex-Im) 2018
- Chinese Loans to Africa Database
- ESKOM Holdings SOC LTD Global Medium Term Note Programme
- China Loans to Africa
- Annual Financial Statements
- ANNUAL FINANCIAL STATEMENTS 31 March 2020
- Annual Financial Statements
- Annual Financial Statements
- Kusile pollution exemption: Fears over 'weak' controls, appeal likely Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Electricity Supply Organization (Eskom)
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