Signing of the Agreement on the Project Terms of Reference and the Power Purchase Agreement
Yaoundé, 13 April 2017
An Agreement on the Project Terms of Reference and the Power Purchase Agreement was signed this Thursday, 13 April 2017, between the Republic of Cameroon, Platinum Power and ENEO Cameroon,
represented respectively by HE Dr Basile Atangana Kouna, Minister of Water and Energy, Mr Omar Belmamoun, Chief Executive Officer and Mr Joël Nana Kontchou, General Manager.
This agreement, signed within the framework of a public/private partnership, is part of the principles of the future Power Purchase Agreement of the hydro-powered facility of Makay.
This project was started in January 2014 with the signing of a Protocol Agreement between Platinum Power and the Republic of Cameroon. This Agreement was followed by a Development Framework Agreement signed in July 2015 between the Republic of Cameroon and Platinum Power, for the development, financing, construction and operation of the hydro-powered facility of Makay, as well as the related power transmission facilities.
The hydro-powered facility of Makay, located in the Centre Region, in the Nyong-et-Kelle Division, will have a capacity of 350 MW and generate more than 2000 GWh/year, which translates into more than 6 million people having access to electricity. The hydro-powered facility of Makay, which will be commissioned in the second half of 2023, will further reinforce power supply, stimulate economic growth and supply clean, reliable and renewable energy to the Cameroonian people.
According to Joël Nana Kontchou, General Manager of Eneo Cameroon, “Eneo is ready to facilitate and support projects presented by committed and experienced independent producers for the development of new and inexpensive capacities. Our interest in this project is to negotiate with the developer a power purchase price that is compatible with the purchasing power of households and the financial capacity of industries."
"We are pleased to share a common vision with all the stakeholders for the execution of the Makay project within the timeframe, thus contribute to reinforcing power supply in Cameroon.” said Mr Omar BELMAMOUN.
About Platinum Power
Platinum Power SA is an independent Pan-African power producer specialised in the development, financing, construction and operation of renewable power generation projects. Real pacesetter in its sector, Platinum Power operates in Morocco, Côte d’Ivoire, Cameroon and the Republic of Congo.
Platinum Power is a holding company of the American Investment Fund Brookstone Partners. Some of its shareholders are the institutional fund PMEC, which is one of the investors of the Moroccan Kingdom via the Caisse Centrale de Garantie, the KfW, the European Investment Bank, the French Development Agency and many other Moroccan and Middle East institutional investors.
Platinum Power has the status of the Casablanca Finance City and that of "Private Partner" with Power Africa.
For more information, visit the website http://www.platinumpower.ma
About Eneo Cameroon
As the driving force of the electricity sector and catalyst for growth in Cameroon, Eneo Cameroon's aim is to supply reliable energy and provide quality service, and be a model of governance in Africa. Since 2014, the Company has safely executed an average of 90 000 new connections of private customers and industries, spurred by our values of integrity, cohesion, respect and commitment. Disconnection time has dropped by 15%. With its 3 750 employees and over one million customers, Eneo is a mixed ownership company (public-private partnership) that generates and distributes electricity in Cameroon.
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