Endeavor Energy to contribute to development of $700m hydropower project
Independent power producer Endeavor Energy has entered into a joint development agreement (JDA) with international power developer Joule Africa for the development of the $700-million Bumbuna Phase 2 hydroelectric power project in Sierra Leone.
The project, on which construction would start in 2014, would add 202 MW of power generation capacity to the existing 50 MW being generated by the Bumbuna Phase 1 project.
It was reported earlier this year that Sierra Leone was planning to increase its electricity generation capacity ten-fold by 2017. This would require up to $3.5-billion of investment from the private sector to achieve an overall generation capacity of 1 GW.
In terms of the JDA, Endeavor would fund the remaining development costs for the Bumbuna Phase 2 project. The company said it expected to invest up to 75% of the project’s equity at financial close.
“We are pleased to begin our first project after such a short period of time and to team up with our partners Joule Africa and the Government of Sierra Leone to launch Bumbuna Phase 2,” commented Endeavor CEO Sean Long.
In addition to this project, Endeavor was in discussions to acquire and develop a number of other thermal and hydropower generation opportunities throughout Africa.
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