Gabon Power Company (GPC), a portfolio company of the Gabonese Strategic Investment Fund (FGIS), and Meridiam have signed an agreement for the financing of the Kinguélé Aval hydroelectric power plant.
Located 100 km east of Libreville on the Mbei River, bordering the Crystal Mountains National Park, the new facility will have a capacity of 35 MW. The plant is expected to supply the national network up to 205 GWh per year including 13% of the electrical needs of Libreville, the capital of Gabon. It will lead to the replacement of existing thermal capacity and will save more than 150,000 tonnes of CO2 emissions per year. It will also benefit the electrification of rural areas such as Andock Foula, contributing to social inclusion in Gabon.
The total funding required to build the dam amounts to EUR179 million (US$211 million), under a 30-year concession agreement. Kinguélé Aval is carried by Asonha Energie, a project company owned 60% by Meridiam and 40% by GPC, and is supported by several major financing institutions: IFC, the World Bank's private sector, the African Development Bank, the Development Bank of Southern Africa and the Emerging Africa Infrastructure Fund.
