The arrangement would enable Eskom Holdings SOC Ltd to access the $8.5 billion pledged by the US, UK, Germany, France and the European Union without adding to its debt burden, a person familiar with the proposal said. The company wants to use the money to fund the closing of some coal-fired power plants and the construction of renewable-energy facilities to replace them.
Eskom’s ability to transition away from coal, which it uses to supply more than 80% of South Africa’s power, is key to meeting the country’s ambitions to slash its greenhouse gas emissions, the 13th-largest in the world. Eskom referred questions to the presidency and the National Treasury didn’t immediately respond to a request for comment.
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