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South Africa’s state power utility Eskom is in exploratory talks with the World Bank over funding for a multibillion-dollar nuclear programme that could be launched within 12 months. The plan reflects the country’s push for more stable baseload power as it shifts away from coal.
Eskom is preparing a request for information covering up to 5,200 megawatts of new nuclear capacity. The utility is proposing 4,800 MW from conventional pressurised water reactors and 400 MW from small modular reactors, with at least half of the SMR capacity tied to its coal-to-nuclear strategy.
Bheki Nxumalo, Eskom’s group executive for generation, said the utility is talking to potential funders about different financing models. He said Eskom is also looking at commercial banks and institutions such as the African Development Bank, since it cannot fund the new plants on its own.
The funding options under discussion include public-private partnerships and vendor financing. Under that model, a developer builds and funds the plant, similar to the way Russia’s Rosatom is handling Egypt’s El Dabaa nuclear project.
The World Bank said it does not comment on potential or exploratory discussions with member countries or utilities. But it has already signalled a return to nuclear financing, saying it would support countries that choose nuclear as part of their energy mix.
Eskom said it wants to go to market for both conventional and SMR technologies within the next 12 months. The initiative faces domestic opposition from environmental groups and communities, even as South Africa searches for a more reliable electricity supply.
