SOUTH AFRICA - A development bank established by the BRICS group of emerging economies has approved around $790 million of loans for three projects in South Africa, with Eskom to receive over half that amount for its Medupi power plant project in the north of the country, reports Reuters.

Additionally, South Africa's largest utility signed an agreement with the New Development Bank (NDB) for a $180 million loan for a project to integrate renewable energy capacity into South Africa's electricity grid, Eskom stated in the press release.

The project will integrate a total of 670 MW of renewable energy into the Eskom's grid. Modern grid connection infrastructure will be used for renewable energy projects and augmentation of the Eskom transmission network to the identified areas. The project will also help increase electricity supply to the targeted areas for sustainable development, the press release said.

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries.

Source: Reuters; Eskom