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Minister of Cooperative Governance and Traditional Affairs Des Van Rooyen. Picture Credit: Gallo Images
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Eskom hopes auction will boost investment

By unknown | Nov 06, 2007 | COMMENTS [ 0 ]

Xolile Bhengu

Xolile Bhengu

Eskom tomorrow will auction R350million of its ES26 Bonds to the public, but it will cost you a minimum of R1million to get a stake.

The utility said it was auctioning the bonds to create massive investment to boost tight power capacity in Africa's biggest economy.

Eskom's Nto Rikhotso, group communication manager, said the 26-year bond came with two annual interest payments to investors, paid out after six months.

"We have issued several of the bonds and you cannot invest less than R1million," she said.

"We have been availing the bonds since 1984, and the bonds were used to finance capital expenditure."

The country has been riddled with power outages and Eskom has been giving energy saving tips to reduce load shedding.

Rikhotso said that although the bonds would not speed capacity, they would certainly help with ensuring that funding was in place to deliver new projects.


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