Endeavor Energy signs debut deal for $700m African hydro plant

New independent power project company Endeavor Energy has signed its first deal – a $700m contract to build a hydropower plant in Sierra Leone.

Endeavor, which was formed in June, has entered into a joint development agreement with international power developer Joule Africa to construct the 202 MW Bumbuna Phase II power project.

It will be built alongside the existing 50 Bumbuna Phase I (pictured).  Bumbuna hydro project Endeavor Energy

As part of the agreement, Endeavor Energy will fund the remaining development costs for Bumbuna Phase II and expects to invest up to 75 per cent of the project’s equity at financial close.

Sean Long, chief executive of Endeavor Energy, said: “We are pleased to begin our first project after such a short period of time and to team up Joule Africa and the government of Sierra Leone.”

Endeavor is also in talks to acquire and develop a number of other thermal and hydropower opportunities throughout Africa.

“We are likely to commit to complete the development of our second project, an estimated $500m power generation project in Sub-Saharan Africa, before the end of this year,” added Long.  “We continue to see a robust market and a need for independent power generation companies like Endeavor Energy to invest both development capital and equity capital in power generation projects in Africa.”

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