A CONSORTIUM has been formed to implement the proposed 11,050 MW Inga III hydropower project on the Congo River in the Democratic Republic of Congo (DRC). The consortium is made up of six Chinese companies led by the China Three Gorges Corp, and AEE Power Holdings from Madrid, Spain.
The companies together with Actividades de Construcción y Servicios (ACS) from Spain, which withdrew from the project due to alleged disagreements over the distribution of shares, were selected by ADPI-RDC, the Agency for the Development and Promotion of the Grand Inga site, in the Central African Country.
Following the new agreement, the six Chinese companies in the consortium have a total 75 percent stake in the project while the Spanish company AEE Power Holdings has a 25 percent share. The latter will retain this shareholding in the future special purpose vehicle that will be set up to develop and ensure the financial mobilisation for the realisation of this project.
Expectations for the project
The $14bn project includes the construction of two dams and about 2,000-km and 3,000-km long transmissions lines within the DRC and across borders respectively. Upon completion, the Inga III hydropower project is expected to electrify Kinshasa, lead to the development of the DRC’s mining sector, and earning of foreign currency from exported power. A deal was struck with South Africa in 2013 to supply about 2.5GW of electricity through the SAPP power lines, and Nigeria and Angola in the western region of Africa are also expected to benefit from the project.
It is also expected to contribute to the realisation of the NEPAD objectives of increased power interconnections across Africa as well as help stabilise the political conditions in the African countries involved through cross-border cooperation in the continent and beyond.
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