In a £31m ($50 million) strategic partnership, Russia's Federal Agency on Atomic Energy, Rosatom, confirmed on Monday that it will supply up to eight nuclear reactors to South Africa by 2023.
Rosatom agency noted that the delivery of the reactors will establish the first nuclear power plant based on Russian technology on the African continent.
The deal is estimated to be valued between £24 - £31bn with a single reactor costing around three billion pounds, according to the Itar-Tass Russian news agency.
The partnership agreement was signed in Vienna.
In addition to the nuclear reactors, Russia will help build infrastructure in South Africa and train African specialists across Russian universities, reported AFP News.
Rosatom agency's Director general Sergey Kirienko said that the deal will spur an increase in jobs in South Africa with its worth standing at ,"at least 10 billion dollars" to the local industry.
"I am sure that co-operation with Russia will allow us to implement our ambitious plans for the creation by 2030 of 9.6 GW of new nuclear capacities based on modern and safe technologies," said South Africa's Energy Minister Tina Joemat-Pettersson.
Joemat-Pettersson further added that her country foresees nuclear power as, "an important driver for the national economic growth".