Pan-African infrastructure investment platform, Africa50, has signed a Memorandum of Understanding (MoU) with the government of the Republic of Congo to structure and mobilise financing for the expansion of one of its gas-fired power plants.
The MoU was signed at the recent AU Summit in Addis Ababa, Ethiopia.
The project entails expanding the Centrale Électrique du Congo's capacity from the current 300MW to 450MW in the short term, and possibly to 900MW by 2027.
Africa50 will conduct a review of the power plant, including technical, financial and legal aspects to ensure the project’s bankability and investment readiness, in collaboration with the existing shareholders.
At a later stage Africa50 may invest in the project along with partners, including other development finance institutions and private sector lenders.
President of the Republic of Congo, Denis Sassou Nguesso commended Africa50 for its engagement and pledged his full support for the project.
“We are pleased to see African experts coming back to continent to join institutions such as Africa50 that can drive the transformational change envisioned in the AU’s Agenda 2063”, he said, adding that one of his priorities is to build regional networks to foster trade and economic development.
Africa50’s CEO Alain Ebobisse reiterated the company’s commitment to expanding Congo’s power generation capacity through sustainable, efficient, and expeditious project development. Read more: $110m approved to advance climate change projects