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Exxaro and Tata seal R7bn loans for wind farms

Coal producer Exxaro Resources had completed R7 billion of funding for two wind farms in the Eastern Cape with Tata Power. Exxaro and Tata Power’s Cennergi clean-power joint venture got finance from Standard Bank, Nedbank Capital and the International Finance Corporation for the wind projects, Exxaro said in a statement yesterday. It would fund the remaining R1.8bn equity portion with Tata Power, it said. With Eskom struggling to meet rising power demand, the government plans to add 3 725 megawatts of capacity from renewable sources by 2016 through a programme of five tenders.

Cennergi’s two projects, which will produce 229MW, were awarded in the second round, where more than a third of the allocation went to wind power. The 95MW Tsitsikamma Community wind farm near Clarkson “is expected to achieve commercial operation from its 31 turbines in 2016”, Exxaro said. The Amakhala Emoyeni wind farm, located near Bedford, would produce 134MW from 56 turbines. Exxaro’s stock advanced 0.21 percent to close at R146 yesterday.

Source: www.iol.co.za
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