HomeIndustry SectorsFinance and PolicyEuropean Investment Bank invests in Guinea hydroelectric power

European Investment Bank invests in Guinea hydroelectric power

West Africa has endured extremely tough conditions this year and the cumulative economies have taken a hit.

Four Guinea hydropower plants have received an injection of funds from the European Union which will allow them to increase their total generation output from 75MW to 122MW, hydroworld reported.

The agreement was signed by Guinean Minister of Economy and Finance H.E. Karamokoba Camara, and European Investment Bank (EIB) vice president Pim van Ballekom in Brussels.

‘West Africa faces huge energy challenges and the European Investment Bank is committed to supporting investment across Africa that both supports economic activity and improves lives’, van Ballekom said.Guinea

Additional financial support comes from the Republic of Guinea, Islamic Development Bank, Kuwait Development Fund, World Bank and African Development Bank.

Hydropower plants

Beneficiaries of the investment are four hydroelectric plants located in and around Guinea namely the Grand Chutes, Donkea, Baneah and Garafiri projects.

Although the renovation projects are not situated in Ebola affected areas, the plants’ generated power will facilitate the country’s medical facilities which are working overtime to contain the outbreak.

‘The Ebola epidemic is yet to be contained, but it is essential that the international community does not abandon the region. We stand ready to do all we can to assist now and support economic recovery in the years ahead’, van Ballekom said.

According to the World Energy Council, Guinea has an abundance of water, and has the largest hydroelectric capacity in west Africa, estimated at 6 000MW.

Guinea Hydro projects include, 75-MW Garafiri, currently being renovated on the Konkoure River, 515-MW Souapiti, to be developed on the Konkoure River, 90-MW Fomi, to be developed on the Niandan River and 240-MW Kaleta, currently under construction on the Konkoure River.

(Pic Credits: kinter national, business monitor)

Nicolette Pombo-van Zyl
As the Editor of ESI Africa, my passion is on sustainability and placing African countries on the international stage. I take a keen interest in the trends shaping the power & water utility market along with the projects and local innovations making headline news. Watch my short weekly video on our YouTube channel ESIAfricaTV and speak with me on what has your attention.