Tè Power Company, the firm in charge of the construction of the Tè thermal power plant in Guinea, has completed the financial mobilization of the project. The company succeeded in raising the $121 million needed to construct the infrastructure.
$32 million in equity came from Endeavor Energy, the energy company in charge of the construction of the plant and $89 million from Overseas Private Investment Corporation (OPIC) and CDC Group PLC.
CIPO also provided $30 million in political risk protection to the project.
The plant will be built by Endeavor over a 15-month period and is scheduled to be completed by mid-2019. It will provide enough electricity to power about 1 million Guineans.