South Africa’s state power utility Eskom is in exploratory talks with the World Bank to fund a new multi-billion-dollar nuclear build programme designed to launch within 12 months, officials confirmed Wednesday.
The state-owned utility plans to issue a Request for Information for up to 5,200 megawatts of nuclear capacity to secure long-term energy security and accelerate its transition away from coal reliance.
The strategic procurement will split capacity between 4,800 megawatts of conventional pressurized water reactors and 400 megawatts of small modular reactors, according to Eskom Group Executive for Generation Bheki Nxumalo.
Bheki Nxumalo, Eskom’s group executive for generation, confirmed the global funding push at a Cape Town energy summit, stating, “We are engaging development finance institutions, including the World Bank, to structure a sustainable multi-vendor financing framework.”
At least 200 megawatts of the small modular reactor capacity will be directly deployed for Eskom’s coal-to-nuclear strategy, repurposing aging coal-fired stations scheduled for mandatory decommissioning over the next decade.
The financing discussions mark a significant shift for global lenders like the World Bank, which historically prioritized funding for solar, wind, and battery storage over highly complex nuclear generation infrastructure.
South Africa recently designated Thyspunt in the Eastern Cape as the preferred site for the conventional reactors, though the decision faces immediate environmental and legal challenges from local community coalitions.
The nuclear expansion builds upon recent structural gains, following Electricity Minister Kgosientsho Ramokgopa’s announcement that Eskom achieved a consecutive 400-day streak without national rolling blackouts due to improved plant maintenance.
