South Africa’s deal with Karpowership to supply electricity to the country is “dead in the water”, electricity minister Kgosientsho Ramokgopa said.
The company that’s a unit of Turkey’s Karadeniz Energy Group won a government auction three years ago to provide 1.2GW of power over 20 years in a deal valued at R218-billion at the time.
It lost the right in January to transmission capacity that power utility Eskom set aside for the supply after failing to complete financial arrangements.
“It’s behind us,” Ramokgopa said of the bid in an online briefing. — (c) 2024 Bloomberg LP