S.Africa's Eskom says to raise $4.4 bln in debt this financial year - CNBC Africa

S.Africa's Eskom says to raise $4.4 bln in debt this financial year

Southern Africa

by Reuters 0

S.Africa's Eskom says to raise $4.4 bln in debt this financial year. PHOTOS: Electrification Online

South Africa's struggling utility Eskom plans to raise 55 billion rand ($4.4 billion) in debt in the 2015/2016 financial year as it looks to reduce chronic power shortages, acting chief executive Brian Molefe told parliament on Friday.

Eskom said a 23 billion rand government equity injection will be used to help fund capital expenditure of 61 billion rand this financial year. The utility also said 10,000 striking workers have returned to work at its Medupi power station, which is under construction.

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