EDF signs deal for 1.2 billion euro Cameroon hydro projectStaff Writer | Friday November 9, 2018 7:12AM ET
Europe Marianne Laigneau
EDF Group signed an agreement on Thursday to build and operate a 1.2 billion euro ($1.37 billion) hydropower project in Cameroon, the first step in a plan to expand its hydropower business in Africa.
READ MOREThe 420-megawatt project will be located on the Sanaga River near Nachtigal Falls, around 65 km (40 miles) northeast of the capital Yaounde and, when operational, will contribute 30 percent of Cameroon's total electricity generation capacity.
"It's the first of its kind (in Africa) for EDF to have all these industrial roles together: to design, negotiate, piloting the project, building, operating and maintenance," Marianne Laigneau, who heads EDF's international division, told Reuters.
EDF will own a 40 percent stake in the project and the Cameroon state will hold 30 percent.
The International Finance Corporation (IFC), the World Bank's investment arm, will also own 30 percent and is coordinating lending from 11 development finance institutions and four local commercial banks. ■
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