Joule Africa takes 100% stake in Bumbuna II project

30 March 2016

Joule Africa now fully owns the planned Bumbuna II hydroelectric project in Sierra Leone, after buying out its co-developer, Endeavor Energy.

Bumbuna II is the 202MW expansion of the 50MW Bumbuna HPP commissioned in 2009 by H.E. Dr Ernest Bai Koroma, President of Sierra Leone. The project has been in development since 2011.

Lahmeyer International has completed the feasibility study and managed a tender process to short-list Salini Impregilo S.p.A and Hydrochina-Sinohydro, as the potential EPC contractors. ERM is currently completing the Environmental and Social Impact studies in conjunction with local consultants CEMMATS.

The EU Africa Infrastructure Trust Fund (EUAITF) is providing technical assistance funding to pay for legal, technical, financial and procurement advisors for the Government of Sierra Leone, arranged by Emerging Africa Infrastructure Fund (EAIF).

Financial close is targeted for the second half of 2017. Equity funding will be provided by Joule Africa and its strategic equity partner, African Infrastructure Investment Managers (AIIM), with debt funding expected to come mainly from international development finance institutions.

"We and the Government of Sierra Leone have invested considerable resource to bring Bumbuna II to this stage of development," commented Andrew Cavaghan, Chief Executive of Joule Africa. "The energy sector, into which this important project will fit, is undergoing considerable development and investment, including interconnection to the West African Power Pool network. We have strong support from our shareholders and our strategic equity partner, AIIM, to develop and implement this important project."



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