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US-based Endeavor Energy has signed an agreement with Joule Africa to jointly develop a US$700mn hydroelectric power project in Sierra Leone
According to the energy company, Endeavor Energy and Joule Africa would work together on the Bumbuna Phase II Power Project, which will be expected to add an additional 202MW power to the existing 50MW Bumbana Phase I grid.
Endeavor Energy, which was formed in June 2013 and primarily owned by international private equity firm Denham Capital Management, is focused on thermal and hydroelectric power generation projects across Africa.
Joule Africa is focussed on developing renewable energy projects in the African continent.
The Bumbuna Phase II project is the first venture for Endeavor Energy, which has agreed to invest 75 per cent of the project’s equity.
Endeavor Energy chief executive officer Sean Long said, “We are pleased to begin our first project, and to team up with Joule Africa and the Government of Sierra Leone. We welcome the opportunity to help complete a project that would provide low-cost electricity to the citizens of this country.”
Long added that the energy company is expected to invest in another US$500mn power generation project in sub-Saharan Africa by the end of this year.