Eskom to finally sign 27 renewable energy agreements

The agreements will be signed on Tuesday.

The newly appointed Minister of Energy Jeff Radebe briefed the media on Thursday, 10 days after his appointment.

Radebe says the long awaited project will bring much needed jobs.

"These projects will provide 61 600 full time jobs of which 95% is for SA citizens, mostly during plant construction specifically with a focus on youth unemployment," says Radebe.

He says the Northern Cape will get 59% of the jobs, followed by the Eastern Cape with 15%, and North West with 13%.

Radebe says South Africa will own an average of 48% of the equity in all the IPP projects, while foreign investors will own 25%.

"I have therefore advised the Office of the Director General and IPP office to immediately commence with arrangements for signing the projects and by doing so, releasing R56 billion in investment to stimulate the economy.
 
The project is expected to bring 2305 megawatts of electricity into the grid.

"Low electricity prices such as what we are experiencing with renewable energy generation will assist indigent households to cope with the rising cost of living,"