Eskom to Sell Stake in Kusile Plant

12 January 2010 (Last Updated January 12th, 2010 18:30)

South African state owned utility Eskom will sell a 49% stake in its upcoming Kusile power plant to part finance its $52bn (385bn rand) expansion programme. Eskom started construction of the 4,800MW base-load power station, close to the existing Kendal power station in the Mpumalanga pr

South African state owned utility Eskom will sell a 49% stake in its upcoming Kusile power plant to part finance its $52bn (385bn rand) expansion programme.

Eskom started construction of the 4,800MW base-load power station, close to the existing Kendal power station in the Mpumalanga province of South Africa in 2008.

Eskom CEO Mpho Makwana said that the company was expecting about $5.3bn (40bn rand) from the sale, which will help complete projects without delay, reports Bloomberg.

The firm, which supplies about 95% of the country’s power, is trying to avoid electricity shortages similar to that in January 2008 when mines were forced to shut down.