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28 July 2008 - US energy giant AES Corporation will invest $1.2bn to raise Cameroon's electricity production by 2011.
According to a statement, an agreement named the Kribi Power Development Corporation, was signed for the construction of two gas-fired electricity plants at the Atlantic port town of Kribi (150-200 MW) and another in Dibamba (88 MW), located some 22 kilometers west of Douala. Both projects are expected to be complete by 2010.
The KPDC is planning by the end of the year to raise its capital with Cameroon taking a stake of up to 44 per cent and AES the remaining 55 per cent.
"The purpose of the company is to develop, construct and operate any type of generation facilities. It will equally be involved in the generation, transmission, operation, import and sale of electrical energy," said the statement from AES-Sonel.
AES Corp. bought 56 per cent of Cameroon's lone state-run electricity firm, the National Electricity Corporation, or Sonel, in 2001, as part of the West African nation's bid to redress its economy through privatization of several state-owned companies bedeviled by poor management. Sonel was renamed AES-Sonel.
"AES intends to increase its investments in the country's electricity sector from $320 million since 2001 to $1.2bn by 2011," Hanrahan is quoted as saying after his meeting with President Biya and Cameroon's Premier Ephraim Inoni, according to the company statement.
"Plans are underway to transform Cameroon to an energy hub for West and Central Africa. AES intends to form a new African power company with headquarters in Cameroon," Paul Hanrahan told reporters in Yaounde.
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