Ramokgopa: Govt looking at several financial options to strengthen grid
The government says it is going to be looking at the different financial options available to strengthen South Africa's electricity grid.
Electricity Minister Kgosientsho Ramokgopa says there is going to be a seminar with the Johannesburg Securities Exchange this month for this purpose.
"There is a number of funding and financing sources across the globe. When I was in Kenya at a climate conference we had conversations with multiple players who raised their hands and indicated that they are ready to finance a grid expansion.
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"On the sidelines of BRICS we also had an engagement with the New Development Bank, a creation of BRICS, and they also made an indication that they have $3 billion for the next five years. We have finance for a grid expansion."
At his weekly briefing on Sunday, Ramokgopa said there were other internationally renowned banks that have approached government to help ease the power crisis.
The country was taken back to stage 6 load shedding last week as planned maintenance was ramped up.
"We had 17 297 megawatts of units being taken out and part of the reason we have lowered today is that we have lowered it to 15 000 megawatts. So we have removed 2 000 megawatts of units that have failed, we have returned them back and that explains the reduction in load shedding."
