AFC, CEC signs MoU to boost power supply in Africa
19 March 2012
March 19, 2012
Africa Finance Corporation, AFC, has signed a Memorandum of Understanding, MoU, with Copperbelt Energy Corporation Plc, CEC, to help boost power supply in countries in Africa.
According to a joint statement signed by Oliver Andrews, Director & Chief Coverage Officer, AFC; Lucy Savage, Vice President Communications, AFC and Chama Kalima of Copperbelt Energy Corporation Plc, the MoU will enable both parties collaborate on the development, investment and operations of selected power assets in Africa.
According to the statement, the principal objectives of the parties, through the MoU, are to proactively develop, invest in, and operate selected power assets in Africa; and contribute to the promotion of Africa’s economic and social development through private sector leadership and public- private partnerships, while providing an attractive financial return to shareholders.
Projects that will be developed through the new partnership, according to the companies, include the Kabompo Gorge Hydro Power Project in North-Western Zambia, put at about N24 billion ((US$150 million), the Luapula Hydro Schemes in Luapula Province of Zambia, put at about N160 billion (US$1 billion).