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French power company EDF, IFC and the Republic of Cameroon signed a "final and binding" agreement to build a 420-megawatt hydropower project Nachtigal
on the Sanaga River.
According to reports, the Nachtigal hydroelectric power plant will be located near
the Nachtigal waterfall, 65 kilometers northeast of Cameroon's capital Yaoundé.
EDF said in a statement on Thursday that the expected cost of the project was 1.
2 billion euros, a quarter of which would be funded by shareholders' equity and the rest by lenders
.
EDF said IFC, a member of the World Bank Group, has coordinated a group of lenders that includes 11 development finance institutions and four local commercial banks
.
The International Energy Agency describes hydropower as "the world's largest source of renewable electricity.
"
It added that hydropower generates about 16 percent of global electricity, exceeding 1,200 GW of installed capacity
.
EDF revealed that the project in Cameroon will involve 35 years of design, construction and operation of the facility, and will also build a 50-kilometer transmission line
.
The hydropower plant will be owned and operated by Nachtigal Hydro Power Company, which is 40 percent owned by EDF, with 30 percent each from IFC and the Republic of Cameroon
.
In addition, Nachtigal's expected power generation will meet 30% of Cameroon's electricity demand, equivalent to about 3 terawatt hours of electricity per year
.
Construction will begin at the end of 2018 and the hydropower plant will be commissioned
in 2023.
French power company EDF, IFC and the Republic of Cameroon signed a "final and binding" agreement to build a 420-megawatt hydropower project Nachtigal
on the Sanaga River.
According to reports, the Nachtigal hydroelectric power plant will be located near
the Nachtigal waterfall, 65 kilometers northeast of Cameroon's capital Yaoundé.
EDF said in a statement on Thursday that the expected cost of the project was 1.
2 billion euros, a quarter of which would be funded by shareholders' equity and the rest by lenders
.
EDF said IFC, a member of the World Bank Group, has coordinated a group of lenders that includes 11 development finance institutions and four local commercial banks
.
The International Energy Agency describes hydropower as "the world's largest source of renewable electricity.
"
It added that hydropower generates about 16 percent of global electricity, exceeding 1,200 GW of installed capacity
.
EDF revealed that the project in Cameroon will involve 35 years of design, construction and operation of the facility, and will also build a 50-kilometer transmission line
.
The hydropower plant will be owned and operated by Nachtigal Hydro Power Company, which is 40 percent owned by EDF, with 30 percent each from IFC and the Republic of Cameroon
.
In addition, Nachtigal's expected power generation will meet 30% of Cameroon's electricity demand, equivalent to about 3 terawatt hours of electricity per year
.
Construction will begin at the end of 2018 and the hydropower plant will be commissioned
in 2023.
