Joule Africa has bought out its co-developer in the Bumbuna II hydropower plant (HPP) in Sierra Leone, Endeavor Energy, giving it 100% ownership. Bumbuna II is the 202 MW expansion of the 50-MW Bumbuna HPP commissioned in 2009.
Lahmeyer International has completed the feasibility study and managed a tender process to short-list Salini Impregilo S.p.A and Hydrochina-Sinohydro, as the potential EPC contractors. ERM is currently completing the Environmental and Social Impact studies in conjunction with local consultants CEMMATS.
The EU Africa Infrastructure Trust Fund (EUAITF) is providing technical assistance funding, to pay for legal, technical, financial and procurement advisors for the government, arranged by Emerging Africa Infrastructure Fund (EAIF).
Financial close is targeted for H2 2017. Equity funding will be provided by Joule Africa and its strategic equity partner, African Infrastructure Investment Managers (AIIM), with debt funding expected to come mainly from international development finance institutions.