Platinum Power out of Morocco and a subsidiary of US private equity firm Brookstone Partners, plans to invest $845.87 million to build a hydroelectric project in Cameroon.
The company signed a framework public-private partnership agreement with the Cameroonian government on July 1 to build the 400-MW capacity complex in Makay, in Cameroon’s Center Region.
"Platinum plans to sell this renewable energy to ENEO," chief executive Omar Belmamoun said. ENEO is Cameroon’s state-run power utility firm.
Construction is expected to begin in 2017, with a completion date set for 2020.
Platinum Power has its sights on expanding on the continent and is looking at Gabon for its next venture and in April it agreed to invest in Cote d’Ivoire’s hydropower sector.