THE construction of the second phase of the Bumbuna Hydroelectric Power Project in Sierra Leone is edging closer to financial closure following the financial support pledge from InfraCo Africa, a multi-government funded company providing early-stage development capital and expertise to develop infrastructure projects in sub-Saharan Africa.
InfraCo Africa becomes the fourth body to pledge to support the Bumbuna II hydropower project. Others are Electrification Financing Initiative (ElectriFI), an investment facility funded by the European Union and managed by European Development Finance Institutions, the Development Bank of South Africa (DBSA), a development finance institution wholly owned by the Government of South Africa and the African Alpha Investment Partners, a London-based investment company established to help bring investment opportunities and capital together across the African continent.
Joule Africa hopes to complete the financial leveraging process for its project by next year, so as to begin the actual construction works which will take 48 months to complete.
The Bumbuna II hydropower project
The Bumbuna II hydropower project involves the construction of a new 115 km² dam on the Seli River at Yiben that will provide water to rotate two turbines at the Bumbuna II hydroelectric power station producing approximately 143 MW of electricity.
The electricity will be injected into the country’s power grid through a 225 kV transmission line from Yiben to Freetown. This high voltage line will also be connected to the West African Power Exchange System which interconnects several neighbouring countries including Côte d’Ivoire, Liberia, and Guinea.
This project is expected to have an extremely positive impact, enabling sustainable economic development in the West African country.