March 28, 2018 / 3:28 PM / a year ago

Endeavor Energy to build thermal power plant in Guinea

ABIDJAN, March 28 (Reuters) - Privately-owned Endeavor Energy has started construction on a $121 million, 50-megawatt thermal power plant in Guinea, it said in a statement.

The Te Power Project is expected to come online in the capital Conakry in 2019 and is being developed jointly by majority stakeholder Endeavor and Mauritanian company Energie, Environnement et Mines S.A., which will have a four percent stake.

The $121 million comprises $32 million in equity from Endeavor and $89 million in debt financing from the Overseas Private Investment Corporation (OPIC) and CDC Group PLC (CDC).

“The Te Power thermal plant will increase power supply by as much as ten percent and help Guinea meet its growing energy demand,” said OPIC President and CEO Ray Washburne in the statement.

The bauxite-rich West African country suffers from a shortage of power supply, which has contributed to unrest in some mining regions over the past year. (Reporting by Sofia Christensen; Editing by Edward McAllister and Mark Potter)

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