South Africa, Cape Town: South Africa's electricity provider Eskom announced it will increase its investment to $21 billion over the next five years.

Eskom to invest $21B in next five years and up to $84B by 2030

South Africa, Cape Town: South Africa’s electricity provider Eskom announced it will increase its investment to $21 billion over the next five years.

The multi-billion funding will be used for building new power stations, report Reuters.

Eskom is currently building three new power plants to help ensure power reserves in Africa’s most industrialised country, and expects to add 5,620 MW to the network by 2018 when units at Medupi and Kusile’s coal-fired plants come online.

Additionally, government will request for proposals at the end of the month to add 9,600 MW of new nuclear power to the grid.

To meet its targeted nuclear generation capacity, South Africa’s government has said it plans to build six new nuclear power plants by 2030 at a cost estimated between $34-84 billion.

Source: Reuters