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11 Jul | Thursday
Eskom to Look at Islamic Bonds for Funding

Eskom to look at Islamic bonds for funding
Johannesburg - South African power utility Eskom will look at new funding opportunities such as Islamic bonds to finance its capacity expansion projects as it battles to keep the lights on in Africa's biggest economy, the company said on Wednesday.
A lower than hoped for rise in power rates has left state-owned Eskom with an expected revenue gap of 225 billion rand ($22 billion) over the next five years.
The utility had applied for a 16 percent hike in power rates over the next five years, which translated into revenue of 1 trillion rand over the period, but was granted an 8 percent annual hike.

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