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ENEO set to establish a generation company
- The establishment is in line with its concession contract
- New GenCo to be chaired by Minister of Water and Energy
The Electricity Company of Cameroun, ENEO has concluded plans to establish a subsidiary Generation Company. This is in line with commitments made to the Camerounian government when signing its Concession Agreement.
The subsidiary will be called Eneo-Genco. All ENEO shares and rights in the electricity generation industry will be transferred to the subsidiary. “The process began in February 2021, with the creation of a legal vehicle in which Eneo holds 100% of the shares and voting rights. All of Eneo’s shares, rights, and obligations in the electricity generation industry will be transferred to the entity called Eneo-Genco, through a partial asset contribution operation as provided for by the regulations in force and in particular the OHADA uniform act” it said.
Eneo-Genco will be formally approved following the extraordinary meetings of the Board of Eneo and Eneo-Genco. The meeting is scheduled to hold in June 2021.