New York-based Symbion Power has sold its investment in Rwanda – an ambitious project to produce electricity through methane extraction.
The sale, which closed on February 15, transfers Symbion's stake in the development of two plants in Lake Kivu, one of Africa's Great Lakes, to its project partner, Highland Power Ltd, reports AllAfrica.
The Rift Valley lake forms part of the border between Rwanda and the Democratic Republic of Congo.
The plants have a combined projected output of 81MW and an expected investment price of $250 million. Read more: Tech provider secured for Lake Kivu biogas power projects
According to the media, the 2,700 square kilometer body of water contains sufficient naturally occurring methane gas to generate an estimated 700MW of much-needed electricity over 55 years.
CEO Paul Hinks said working in Rwanda had been “an absolute pleasure” and that the project points to the favorable investment climate that President Paul Kagame has nurtured.
Hinks reached agreement with Rwanda to invest in the projects during the US-Africa Leaders Summit that President Obama hosted in Washington, DC in 2014.