Construction begins on Endeavor Energy’s Guinea thermal plant
The power project developer based in Texas, Endeavor Energy, has begun construction on a thermal power plant in Guinea, dubbed the Te Power Project.
The US$121mn power plant will be located near Conakry and is expected to come online next year and supply power to the capital city by next year, Reuters reported.
The 50MW thermal plant is being jointly developed by Endeavor, which owns the majority stake, and Energie, Environnement et Mines S.A., a Mauritanian firm with a 4% stake.
The funding of the project can be broken down into $32mn in equity from Endevour ad $89mn in financing supplied by the Overseas Private Investment Corporation and CDC Group Plc.
“The Te Power thermal plant will increase power supply by as much as ten percent and help Guinea meet its growing energy demand,” Reuters notes Ray Washburne, President and CEO of OPIC stating.