The government of the Republic of Congo has signed signed a Memorandum of Understanding (MoU) with Africa50, to structure and mobilize financing for the expansion of one of its gas-fired power plants, the Congo Power Station.

Africa50 CEO Alain Ebobissé confirmed the reports and said they are committed to expanding Congo’s power generation capacity through sustainable, efficient, and expeditious project development.

National power plant

The project entails expanding the plant’s capacity from the current 300 MW to 450 MW in the short term, and possibly to 900 MW by 2027. Africa50 will 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, in collaboration with the existing shareholders.

“We are pleased to see African experts coming back to continent to join institutions such as Africa50 that can drive the trans-formational 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,” said His Excellency Denis Sassou Nguesso, President of the Republic of Congo.

This agreement comes shortly after the signing of an MOU between the Republic of Congo, the Democratic Republic of Congo, Africa50, and the African Development Bank to develop and fund a road-rail bridge linking Kinshasa and Brazzaville.

The President pointed out that the project will be one of his priorities as part of his vision to build regional networks to foster trade and economic development. At a later stage Africa50 may invest in the project along with partners, including other development finance institutions and private sector lenders.

 

Source : constructionreviewonline.com

Keywords : Africa, News, Economy, Finances, Republic of Congo, Africa50, Congo Power Station