During the AU Summit in Addis Ababa, Africa50, the pan-African infrastructure investment platform, signed on Monday, a Memorandum of Understanding with the government of the Republic of Congo to structure and mobilize financing for the expansion of one of its gas-fired power plants, the Centrale Électrique du Congo.
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. At a later stage Africa50 may invest in the project along with partners, including other development finance institutions and private sector lenders.
Speaking during a courtesy call by Africa50 CEO Alain Ebobissé before the signing, His Excellency Denis Sassou Nguesso, President of the Republic of Congo, commended Africa50 for its engagement and pledged his full support for the project.
“We are pleased to see African experts coming back to continent to join institutions such as Africa50 that can drive the transformational 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.
Responding, Alain Ebobisse reiterated Africa50’s commitment to expanding Congo’s power generation capacity through sustainable, efficient, and expeditious project development.
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.