"The decommissioning and repurposing of the Komati coal-fired plant is a demonstration project that can serve as a reference on how to transition fossil-fuel assets for future projects in South Africa and around the world," the World Bank said in a statement distributed by National Treasury on Friday, 4 November.
Eskom's chief executive said in September that the company expected a World Bank decision on the funding before this month's COP27 climate summit.
The money is separate from a $8.5bn financial package on offer from wealthy countries to help South Africa reduce its carbon emissions.
The World Bank's statement said the $497m funding was made up of a $439.5m World Bank loan, a $47.5m concessional loan from the Canadian Clean Energy and Forest Climate Facility and a $10m grant from the Energy Sector Management Assistance Program.
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