KfW grants loan to Eskom for connecting renewables to grid

[itareanlnotani]

Finally some sanity -


http://www.dw.de/kfw-grants-loan-for-south-african-green-energy/a-18367560

KfW grants loan for South African green energy
German development KfW announced it has given a large loan to South Africa to help the nation make its energy grid more sustainable. It's an investment in renewables, with the emphasis being on solar and wind energy.
Power line in South Africa
Commissioned by the German Development Ministry, state-owned KfW bank granted a 4-billion-rand (300-million-euro, $326-million) loan to South Africa's power supplier ESKOM, the lender reported on its website on Wednesday.
Although most loans are paid out in euros or dollars, this one was disbursed in rand, making it the biggest single credit ever granted by the German bank in a local currency to any developing or emerging nation.
The financial assistance is meant to help South Africa make a quantum leap towards more sustainable and reliable energy supplies in a nation where power outages are a still a common phenomenon.
Good for the environment
The money is to go primarily towards hooking up a number of green power stations to the national energy grid, enabling the country to lower its harmful CO2 emissions by 5.5 million tons annually.


The burgeoning African energy sector
KfW indicated the focus would be on integrating the Kiwano solar thermal power station in Upington and the Ingula Pumped Storage Scheme in Braamhoek.
"South Africa's energy-policy reorientation is a big step away from being dependent on coal, and a big step towards sustainable power generation," KfW board member Norbert Kloppenburg said in a statement.

 

[Seriously]

Finally some sanity -


http://www.dw.de/kfw-grants-loan-for-south-african-green-energy/a-18367560

I would hope! Just how much of that is going to be defrauded for luxuries and bonusses?

 

[Dan C]

I would hope! Just how much of that is going to be defrauded for luxuries and bonusses?

Don't think the Germans will be too happy with that.

 

[HavocXphere]

Don't think the Germans will be too happy with that.

They don't care - SA gov guaranteed the loan so the only way they're not getting paid is if SA crashes completely....which its not going to.

ze Germans seem to be absorbing quite a bit of forex risk though. If the ZAR goes downhill they'll take the hit (and SA scores). Not sure why they'd willingly structure it like that to be honest.