Three of the seven preferred bidders chosen to provide power by August 2022 say banks are refusing to sign off on the projects until the court case is complete
Electricity pylons in Mpumalanga. Picture: REUTERS/SIPHIWE SIBEKO
Earlier in September, the case filed in the High Court by DNG Energy, which alleges corruption by government officials, was postponed until November 30. The deadline for financial close of the projects proposed by the seven preferred bidders has been set at September 30 by the government, already a delay from an initial July 31 requirement.
DNG has, in its court documents, demanded that it replace Karpowership as a preferred bidder and had earlier attempted to have all the other bidders interdicted from reaching financial close. It later dropped the second demand. Investec said it supports the emergency power programme, without commenting further. Rand Merchant Bank declined to comment and DBSA and Absa didn’t immediately respond to requests for comment.
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