As the 143-MW Bumbuna II Hydroelectric power project in Sierra Leone enters the final stages of development, ElectriFI, the Electrification Financing Initiative, has committed $3.5 million of development capital to finance 50% of the external development expenses needed to reach financial close of the project.
Joule Africa, the project sponsor, signed a 25-year PPA with the government of Sierra Leone in August 2017 and selected a preferred EPC contractor to construct the project in February 2018. Mandated Lead Arrangers for the debt finance will be selected by Joule Africa shortly and construction is scheduled to begin by the end of 2019.
Andrew Cavaghan, Founder and Executive Chairman of Joule Africa Limited, said, “We are delighted to have secured the support of ElectriFI at this critical stage of development as we ramp up to finalize the financing and start construction. Our team is now focused on completing the remaining activities so that the construction of this important project can begin.”
Source: AE Africa
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