• Latest
  • Trending
World Bank Approves South Africa’s $497m Komati Repowering Loan

World Bank Approves South Africa’s $497m Komati Repowering Loan

November 7, 2022
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Alibaba, Nvidia collaborate to expedite humanoid robot development

Alibaba, Nvidia collaborate to expedite humanoid robot development

September 25, 2025
OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business

World Bank Approves South Africa’s $497m Komati Repowering Loan

Ibukunoluwa Bankole by Ibukunoluwa Bankole
November 7, 2022
147 3
0
World Bank Approves South Africa’s $497m Komati Repowering Loan
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The World Bank Group’s Board of Executive Directors have approved South Africa’s request for $497 million (about R9 billion) to decommission and repower the Komati coal-fired power plant using renewables and batteries.

On October 31, the last Komati unit was shut down at midday, heralding the beginning of what Eskom described as a repowering and repurposing of the site into a renewables, storage, manufacturing and training hub.

The company in charge of the power station, Eskom, said the concessional loan facility was approved after successful meetings over the past two months in Washington DC, USA, between the firm and World Bank executives.

According to Eskom, “The loan facility will cover three main components: decommissioning of the Komati power station, repurposing and repowering of the station and other elements of the just energy transition, including provision for the training of Eskom employees, community development and stakeholder initiatives.”

RelatedPosts

Spiro Nigeria showcases innovative electric bikes, reaffirms commitment to clean mobility ecosystem

Dashen Bank boosts clean energy with solar panel installation across branches

KawiSafi raises $90M to back climate tech startups in Africa

Read also: USA, Japan Partner With Ghana On Nuclear Energy

In a statement by the World Bank, the financing of the ‘Komati Just Energy Transition Project’ would be collaboratively achieved through a $439.5-million World Bank loan, a $47.5-million concessional loan from the Canadian Clean Energy and Forest Climate Facility, as well as a $10-million grant provided by the Energy Sector Management Assistance Program.

Repowering the plant would involve the installation of 220 MW of clean energy solutions, including 150 MW of solar photovoltaic and 70 MW of wind, supported by 150 MW of batteries.

The global body notated that this initiative also creates opportunities for affected workers and communities. This it said, would be made possible through Eskom’s establishment of a containerised micro-grid assembly factory at Komati, alongside the recent signing of a partnership agreement with the South African Renewable Energy Technology Centre of the Cape Peninsula University of Technology and the Global Energy Alliance for People and Planet to develop a Komati Training Facility.

SA clean energy startup wins at the GEA Summit

World Bank’s Report on South Africa

The financing announcement follows closely on the World Bank’s ‘South Africa Country Climate and Development Report’.

The report projects that South Africa’s transition to net zero will require total incremental financing of R8.5-trillion by 2050 and that the funding gap could be closed only with the support of external resources.

The report also reiterated that renewable energy represented the quickest and cheapest pathway out of South Africa’s long-running electricity crisis and that two to three more jobs would be created by pursuing such a pathway when compared with the 300 000 jobs that are likely to be shed in high-emitting sectors. 

However, the World Bank did alert of a timing and spatial mismatch in the labour market and indicated that government interventions would be required to assist vulnerable workers.

Tags: Clean EnergyElectricityPower SectorRenewable Energy
Ibukunoluwa Bankole

Ibukunoluwa Bankole

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.