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South Africa to get €100 million French loan for solar projects

2014-07-21 17:30:01 | Publisher: | View:

France is to lend €100 million to South Africa’s national utility Eskom to support the development of solar energy in the country.

The deal was agreed as part of a summit between the South African president Jacob Zuma and his French opposite number Francois Hollande yesterday. The two leaders met to discuss cooperation between their countries in areas such as infrastructure and green growth.

No further details of the deal have been released.

South Africa is aiming for a significant increase in its PV capacity. The first two rounds of its national renewable energy programme have awarded contracts for over 1GW and another 400MW of capacity is being offered in the third round, which closed for bids in August.

President Zuma said in press conference during the summit: “France is a reliable development partner for South Africa. Since our democracy in 1994, France has extensively supported our reconstruction and development efforts. We appreciate the ongoing development support.”

Between 2004 and 2012, French companies have invested ZAR15 billion (US$1.5 billion) in South African ventures, Zuma added.

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