Cameroon inks deal to construct US$1.5b hydropower project
The Republic of Cameroon, emerging markets energy developer Joule Africa and Energy of Cameroon (ENEO) have signed an agreement to develop the US$1.5 bn 485-MW Kpep hydropower project, located on the Katsina-Ala River near the Nigerian border in the Northwest Region of Cameroon.
Joule Africa is a member of the U.S.-based Joule Investments Group developing renewable energy projects in Africa. The company also has offices in London; Freetown; Port Louis,; and in Yaounde, the capital of Cameroon.ENEO is a semi-public company in the Cameroon energy sector of which 56% of its capital is held by Actis and 44% by the state. Actis is an investor in growth markets across Africa, Asia and Latin America.
Completion of the Kpep project is expected to take four years and when commissioned, according to ENEO, will increase Cameroon’s power generation capacity by 40%Joule Africa is currently developing renewable energy assets in Sierra Leone and Cameroon while seeking to assist with developing further projects on behalf of Governments throughout sub-Saharan Africa.
Through the development of renewable energy projects, Joule Africa is committed to significantly increasing access to energy for the nations in which it is needed most, a fundamental factor in any country’s ability to develop.