Eskom says it has secured a R15 billion loan from a consortium of local and international banks. The power utility says the loan will form part of its current capital expenditure programme.

Eskom is in a serious financial crisis.

It has a R419 billion debt it has to service and has applied for tariff increases of 15% over the next three years, as part of the options to help service its debt.

“We have just secured a R15 billion loan facility with a number of local and international banks. This is going to help us improve our liquidity position. You will remember that at the beginning of this financial year we were starting from a very low base. But fortunately, through the relationships that we have with many of these banks, we have been able to generate just over R60 billion of the R72 billion that we need,” says Eskom Spokesperson Khulu Phasiwe.