INGULA HYDROELECTRIC POWER PLANT
Value (million)€ 300
Borrower / GuarantorEskom
Financing structureExport Credit Facility
CMC, in joint venture with another major Italian infrastructure company and with a local company, signed in 2013 a € 300 mln commercial contract with the South African energy public facility Eskom for the construction of the Ingula hydroelectric power plant. The Ingula Pumped Storage Scheme is planned to be a 1340 MW capacity hydroelectric plant, with an energy storage capacity of 21,000 MWh.
Works include the construction of an intake canal, two headrace tunnels with a total length of 2,000 meters, an underground powerhouse, which will house four Francis type pump/turbines 335 MW each and a transformer cavern. Works also include the construction of a tailrace tunnel 2,450 meters long, with ventilation and surge shafts, a tailrace outlet canal as well as intake and outlet structures.
The € 300 million commercial contract was be financed by two loans to Eskom: a € 165 milllion loan provided by a pool of banks and a € 135 million loan provided by Cassa Depositi e Prestiti. Both the tranches were granted by SACE.