The $700-million expansion of the Bumbuna Phase 2 hydroelectric power project has gained traction after five engineering, procurement and construction (EPC) contractors were shortlisted for the project.
The project, which is a public–private partnership between independent power producer Endeavor Energy, the government of Sierra Leone and international power developer Joule Africa, would add 202 MW of power generation capacity to the existing 50 MW being generated by the Bumbuna Phase 1 project.
“We are delighted by the shortlist of EPC contractors, to which we will be launching [a tender], as this project promises to be a landmark development for Sierra Leone and the subregion,” Joule Africa CEO Andrew Cavaghan said on Wednesday.
The joint venture partners believed they had selected “some of the most respected” EPC firms from across five continents.
Meanwhile, Joule Africa had completed the feasibility study for the Phase 2 development, while sustainability consultancy Environmental Resources Management had embarked on environmental and social studies.
Endeavor Energy agreed to fund the remaining development costs for the project and would invest up to 75% of the equity at financial close.
Endeavor believed that the African Development Bank, the International Finance Cooperation and the Emerging Markets Infrastructure Fund, as well as several European development finance institutions, would become additional lenders to the project.