A South African project to decommission and repurpose one of state-owned power utility Eskom's coal-fired power plants using renewables and batteries will get $497 million in financing from the World Bank, the bank said on Friday.
"The decommissioning and repurposing of the Komati coal-fired plant is a demonstration project that can serve as a reference on how to transition fossil-fuel assets for future projects in South Africa and around the world," the World Bank said in a statement distributed by South Africa's National Treasury.that the company expected a World Bank decision on the funding before this month's COP27 climate summit.
The World Bank's statement said the $497 million funding was made up of a $439.5 million World Bank loan, a $47.5 million concessional loan from the Canadian Clean Energy and Forest Climate Facility and a $10 million grant from the Energy Sector Management Assistance Program.
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