Yaounde, Cameroon Africa. (Cameroon News) – A consortium of banks led by ECOBANK, will provide the loan of FCFA 60 billion to the Kribi Power Development Company, KPDC to accelerate work on the Kribi Gas Fired Power Plant in the seaside resort city in South Cameroon.
The money will enable the Gas Fired Power Plant to be put to service within the scheduled time which is latest September 2012 in order to resorb the energy deficit in Cameroon, Finance Minister Essimi Menye said in Yaounde last May 31 during the loan agreement signing ceremony.
KPDC with a capital of FCFA 13.64 billion, the enterprise supervising the construction of the Kribi gas-fired power plant, is an affiliate of the American AES Group, the world’s energy production and distribution company that also owns Cameroon’s lone electricity company, AES-SONEL.
The General Manager of the Kribi Power Development Company, Francis Hans Sim Nag, signed the loan agreement with the representative of the banks under the supervision of the Minister of Finance, Essimi Menye.
The Kribi Power Gas Fired Plant with a capacity of 216 MW of energy is estimated to cost FCFA 176.269 billion with the long term financing by international donors highly awaited.
The Prime Minister of Cameroon, Philemon Yang on March 19, 2010 officially laid the foundation stone of the Kribi Gas-fired Power Plant , located at Mpolongwe, some nine kilometres north of the seaside city of Kribi. The power plant, is the first of its kind in Cameroon.
When completed, it will produce 216 MW of energy to add to the 1,017 MW present energy production in the country, of which 720 MW come from hydroelectricity and 297.2 MW from thermal power plants.