BOOM! Karpowership’s South African Power Play Crushed: "It’s Dead, Finito, Kaput"
South Africa’s deal to supply 1.2 GW of electricity to the country through Turkish company Karpowership, a unit of Karadeniz Energy Group, has officially been sent to the dustbin of history. Energy Minister Kgosientsho Ramokgopa dropped the hammer, stating categorically: "It’s behind us."
The company, which emerged victorious in a government auction three years ago, was to provide power to the tune of R218 billion over 20 years. However, its failure to complete financial arrangements has seen it lose the right to transmission capacity set aside by power utility Eskom.
As we reported earlier, the deal was always a hot mess, with critics crying foul over concerns about the company’s murky past and questionable business practices. Looks like the writing was on the wall for Karpowership, and now it’s just a matter of formalities before the deal is officially buried.
Stay tuned for more developments on this explosive saga!
