By Kunle SHONUGA
Pan-African infrastructure investment platform (Africa50) has signed a Memorandum of Understanding (MoU) with the Republic of Congo to finance the expansion of its gas-fired power plant, the Centrale Électrique du Congo.
Fleur Tchibota, Head of Communications, Africa50 said on Friday that the agreement was signed on the sidelines of the AU Summit in Addis Ababa.
Tchibota quoted Alain Ebobisse, Chief Executive Officer of Africa50 as saying that the project entailed expanding the plant’s capacity from the current 300MW to 450MW in the short term, and possibly to 900 MW by 2027.
Ebobisse said Africa50 would conduct a review of the power plant, including technical, financial and legal aspects, using its project development and financial expertise to ensure the project’s bankability and investment readiness.
He reiterated Africa50’s commitment to expanding Congo’s power generation capacity through sustainable, efficient, and expeditious project development.
President of the Republic of Congo, Denis Sassou Nguesso, was quoted, in the statement, as commending Africa50 for engaging in the project.
“We are pleased to see African experts coming back to the continent to join institutions such as Africa50 that can drive the transformational change envisioned in the AU’s Agenda 2063.
“One of my priorities is to build regional networks to foster trade and economic development,” Nguesso said.
Africa50 is a pan-African infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact.
Earlier the Republic of Congo, the Democratic Republic of Congo, Africa50, and the African Development Bank signed an MOU to develop and fund a road-rail bridge linking Kinshasa and Brazzaville.——- NAN
