Africa50 Agrees To Support Gabon Transmission Projects
An MoU was signed during the Africa CEO Forum in Abidjan.
Infrastructure investment platform, Africa50 has signed a memorandum of understanding (MoU) with Gabon for the development and financing of power transmission lines through public-private partnerships (PPPs).
The agreement was signed on 6 June during the Africa CEO Forum in Abidjan, Côte d'Ivoire.
Alain Ebobissé, CEO of Africa50 said: "We are pleased to have the opportunity to deploy our expertise in infrastructure development and financing in Gabon, particularly in the power transmission sub-sector, where Africa50 has pioneered the structuring of PPPs. Gabon has demonstrated its willingness to work with the private sector to achieve tangible results. We will spare no effort to move quickly and do it well, to support the future and promote sustainable prosperity for local populations and enterprises."
Gabon’s strong hydroelectric potential and its pressing need for transmission lines were underlined at the conference. The country’s new 35MW Kinguélé Aval hydroelectric power plant on the Mbei River is due to come online at the end of 2024. And in April, an MoU was signed with France’s Perenco for the construction of a 20MW, gas-fired power project at Mayumba to help electrify remote areas in the south of Gabon.
In May, Africa50 announced a partnership with the West African Development Bank to mobilise institutional investor capital into African infrastructure, and to identify projects to co-finance.
The collaboration is intended to help bridge the infrastructure finance gap in Africa, estimated at US$68-108 billion a year and catalyse more funding from the private sector, with particular emphasis on climate-resilient infrastructure.
The African Development Bank recently approved an equity investment of US$20 million in the Africa50 Infrastructure Acceleration Fund I.
Photo: MoU agreement (Supplied by Africa50)