U.S. to offer $2bn for South African renewable energy projects

The U.S. is expected to offer South Africa up to $2 billion in loans to fund renewable energy projects involving American companies, according to The Associated Press.

The 18-year loans will be funded out of the U.S. Export-Import Bank. U.S. and South African officials plan to sign a formal agreement for the loans on Aug. 7 as U.S. Secretary of State Hillary Clinton continues her visit to South Africa.

Companies that could benefit from the funding include General Electric Co. (NYSE: GE), SolarReserve LLC, and Siemens AG (NYSE: SI), according to an AP interview with the bank president and chairman.

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