- Developers for the Kinguélé Aval hydroelectric dam in Gabon have secured financing.
- The project will have a capacity of 35MW.
- The project is expected to be completed in 2024.
French investment company Meridiam and Gabon Power Company (GPC) have completed the financing to construct the Kinguélé Aval hydroelectric dam. The project developers have raised $179 million for the project from the African Development Bank (AfDB) and the World bank’s International Finance Corporation (IFC). The project will also receive funds from the Development Bank of South Africa (DBSA) and PIDG’s Emerging Africa Infrastructure Fund (EAIF).
The Kinguélé Aval hydroelectric dam is set to enter the construction phase following the mobilisation of funds. The dam will be sited ion the Mbéi River, 100 km east of Libreville, Gabon’s capital. The hydropower station will have a capacity of 35MW producing 205GWh annually. According to Meridiam, the dam would reduce thermal generation saving over 150,000 tonnes of CO2 emissions yearly.
Asonha Energie (a company created by both developers) has developed an action plan to generate net gains in biodiversity. According to the developers, the plan will be implemented in partnership with Gabon’s National Agency for Nature Protection (ANPN) and the Ministry of Water, Forests, Sea and Environment.
The construction phase of the project is expected to employ 800 people. Project completion is scheduled for the end of 2024.