Yaounde, Cameroon Africa(Cameroon News) -
The Kribi Power Plant gets more funding support.
The management of Cameroon’s Kribi Power Development Company has been able to get together financial support worth 60 billion CFA francs ($132.5 million) to finish the building of a gas-fired power plant that is crucial to improve the power situation of the country as well as to ramp up the country’s energy supply, state-run Cameroon Radio Television stated on Sunday.
“A collection of banks, under the leadership of Ecobank have awarded the KPDC XAF60 billion to pursue work on the gas-fired electricity plant,” CRTV said.
The plant is estimated to produce 216 megawatts. KPDC is under the combined ownership by U.S. energy major AES Corp.(AES -0.96%) , and the Cameroon government. AES-Sonel, the Cameroonian subsidiary of AES, owns 56% of KPDC, while the government owns the remaining.
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AES-Sonel recruited Hans Francis Simb Nag in April to lead KPDC, the third executive to take the position since KPDC was set up in 2007.
Nag had committed to satisfy a June 2012 deadline to complete the project, which the company said is 43% over.
