Tè Power starts construction on $121m Guinea IPP project

28th March 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Guinea-based special purpose company Tè Power Company, which is sponsored by Africa-focused energy project developer Endeavour Energy, has reached financial close and started construction on the $121-million Tè Power Plant project – a 50 MW greenfield thermal power plant in Conakry, Guinea.

The project will be the first internationally developed, finance institution project-financed independent power project (IPP) in Guinea and meets stringent local and international environmental requirements, including those of the World Bank and the International Finance Corporation.

Endeavour is backed by global private equity firm Denham Capital, which provided $32-million in equity for the project, and the minority partner in the Tè project is Mauritanian mining and power company Energie.

Tè Power Company secured $89-million in debt financing from the Overseas Private Investment Corporation (Opic) and CDC Group for the project.

Opic also provided up to $30-million of political risk insurance.

The project’s construction is expected to take 15 months to complete, with the plant scheduled to start operations in mid-2019.

About 150 jobs will be created during the construction period, while 40 people will be employed at the plant once it is operational.

Tè Power Company president Amadou Ba said the project is fully aligned with Guinea’s national economic and social development goals and represents the first step in Endeavour’s commitment to a growing partnership with the Guinea government and to delivering additional power solutions in the years ahead for the people of Guinea.

The Tè project is specifically designed to help alleviate the power deficit in Guinea by increasing power supply by 10% and to provide reliable power as needed to meet the country’s future power demand.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION