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S. Africa Selects Bidders for $2.9 Billion Coal-Power Plants

  • Plants will add 863.3 megawatts of power to national grid
  • Investors commit debt, equity funding to establish plants
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South Africa’s government named the Khanyisa and Thabametsi groups as the preferred bidders to build two coal-fired power plants that will add 863.3 megawatts of electricity to the national grid.

A total of 40.1 billion rand ($2.9 billion) of debt and equity funding has been committed to building the plants, which have backing from Korean, Japanese and Saudi Arabian investors, Energy Minister Tina Joemat-Pettersson told reporters in Cape Town on Monday. The Development Bank of South Africa, the Industrial Development Corp. and the Public Investment Corp, as well as several private lenders including Standard Bank Group Ltd. and Nedbank Group Ltd., will also provide funding, she said.