Eskom signs light bulb deal
SOUTH AFRICA - South Africa's power utility Eskom signed its first Emissions Credits Purchase Agreement ECPA with BNP Paribas under the utility's broader power-saving plans.
The agreement would enable Eskom to purchase power-saving bulbs that would be used in South Africa, the continent's largest economy, as the power utility struggles to meet rising power demand in the country.
South Africa's national grid nearly collapsed in early 2008, forcing mines and smelters to shut and costing the country billions of dollars.
Eskom has since launched an ambitious power expansion program but still needs to raise parts of the money required.
"As well as accessing carbon finance for Eskom, this project will have environmental and social benefits, reducing power demand in South Africa and reducing the energy bills of everyday consumers," the utility said in a statement.
Eskom said the carbon assets that would be created from the project would be Certified Emissions Reductions CER and Voluntary Emissions Reductions VER.
"The bank entered into a risk-taking contract with Eskom, to develop the Clean Development Mechanism CDM project at no cost to Eskom in exchange for an agreement to purchase carbon credits from Eskom," it added.
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The CIB and private sector partners to invest $1.7 billion in Lake Erie Connector
TORONTO - The Canada Infrastructure Bank (CIB) and ITC Investment Holdings (ITC) have signed an agreement in principle to invest $1.7 billion in the Lake Erie Connector project.
Under the terms of the agreement, the CIB will invest up to $655 million or up to 40% of the project cost. ITC, a subsidiary of Fortis Inc., and private sector lenders will invest up to $1.05 billion, the balance of the project's capital cost.
The CIB and ITC Investment Holdings signed an agreement in principle to invest $1.7B in the Lake Erie Connector project.
The Lake Erie Connector is a proposed 117 kilometre underwater…
