Joint agreement made on Sierra Leone power station plan
Endeavor Energy, a privately-owned independent power development and generation company backed by Denham Capital, and Joule Africa, the international power developer, have entered into an agreement to jointly develop the Bumbuna Phase II Power Project, a hydroelectric power (HEP) project, located in Sierra Leone.
Bumbuna Phase II will add an additional 202 megawatts to the existing 50 megawatts at Bumbuna HEP.
Endeavor Energy, which received an initial commitment from Denham’s $3 billion Fund VI in June, has agreed to fund the remaining development costs for the project and will invest up to 75 percent of the equity at financial close (estimated $150m).
Joule Africa has completed the feasibility study for the development of the second phase of Bumbuna and, the parties are now ready to launch the Engineering, Procurement and Construction (EPC) tender.
A shortlist representing some of the most respected EPC firms from across five continents has been selected.
International hydro engineering firm, Lahmeyer International, has already carried out the feasibility and design work, while Environmental and Social studies are also being carried out by Environmental Resources Management, the world's leading sustainability consultancy.
Lenders to the project will likely include the African Development Bank, IFC and Emerging Markets Infrastructure Fund along with a club of European development finance institutions.
Sean Long, Chief Executive Officer (CEO) of Endeavor Energy said: “We are pleased to have teamed up with Joule Africa and the Government of Sierra Leone to jointly complete the expansion of the Bumbuna Phase II in a public private partnership.
“We are also delighted by the work Joule Africa has done thus far on the project with the Government of Sierra Leone and welcome the opportunity to help complete the project in order to provide much needed low cost power generation to the citizens of Sierra Leone.”
Andrew Cavaghan, CEO of Joule Africa, said: “Today’s announcement follows two years of hard work as we jointly structured this important and essential expansion to the Bumbuna HEP with the Government of Sierra Leone.
“We are very much looking forward to moving this project forward with Endeavor Energy, and are confident in the level of support from the international financing community.
“We are also delighted by the short list of EPC contractors to which we will be launching, as this project promises to be a landmark development for Sierra Leone and the sub region.”
Honorable Oluniyi Robbin-Coker, Minister of Energy, said: “We are delighted by the progress made by Joule Africa and the manner in which they have engaged in the issues of concern to the Government of Sierra Leone.
“We are hopeful that this important project will be developed to the highest international standards, delivering a timely expansion to the current installed energy generation capacity in Sierra Leone.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.