Sourcing people skills, capital equipment and money - SWOT analyses - Prepare due-diligence data rooms and pre-feasibility and bankable feasibility reports for Funding Acquisitions. Execute within budget and ontime with highly skilled best of breed cross border project management teams. Future Forecasting for strategic planning

Thursday, 27 October 2011

World Bank approves $250 mln for S.Africa's Eskom

WASHINGTON Oct 27 (Reuters) - The World Bank on Thursday approved $250 million in funding for South African power utility Eskom to develop a wind and solar plant as part of a push to boost sources of clean energy.
The World Bank said the funding through its Clean Technology Fund will finance a 100-megawatt solar power plant in Upington in the Northern Cape province and a 100-megawatt wind power project at Sere, north of Cape Town.
"The loan will help Eskom to implement two of the largest renewable energy projects ever attempted on the African continent," the bank said in a statement.
Eskom, a major supplier of energy to South Africa and neighboring countries, is keen to reduce its carbon footprint.
The state-owned utility is spending billions of dollars to build and upgrade existing coal-fired power plants to meet immediate energy needs, and wants to diversify the energy mix toward cleaner sources of energy.
Last month, Eskom signed two loan agreements worth $365 million with the African Development Bank to develop the Sere and Upington projects. For more see [ID:nL5E7KQ08R].
Eskom said it hoped to begin construction of the Sere wind project early next year.
The World Bank came under fire last year for approving a $3.75 billion loan for the development of a coal-fired plant in South Africa, but Eskom said the project was necessary to ease the country's chronic power shortages.
South Africa hosts global climate talks in the port city of Durban between Nov. 28 and Dec. 9 on a new globally binding climate pact to succeed the Kyoto Protocol from 2013. Part of the discussions are on designing a fund to help developing countries tackle climate change. (Reporting by Lesley Wroughton; Editing by James Dalgleish)

EIB invest in wind energy links

LUXEMBOURG, Oct. 26 (UPI) -- The European Investment Bank announced it was providing $83 million in funding to support a transmission link to a wind farm in the Irish Sea.
The EIB announced Blue Transmission Walney 1 Ltd. was granted a license to own and operate a transmission link from a 51-turbine wind farm in the Irish Sea for the next 20 years.
EIB support from the project follows a decision by Blue Transmission to purchase the link from its Scottish counterparts for $168.8 million.
The EIB said the funding was its highest to date that supports the offshore wind energy sector.
"Support for renewable energy across Europe, including grid links and wind farms, is essential for ensuring infrastructure investment that promotes climate action," Simon Brooks, EIB vice president for the United Kingdom, said in a statement.
The EIB added that it was expected to provide as much as $480.4 million for six more links to offshore wind farms.
British Deputy Prime Minister Nick Clegg said last week that London aims to increase the amount of wind and tidal power from 4 megawatts to 300 megawatts by 2020.

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