Nachtigal HEP Dam: Two More Shareholders Join Project

Several conventions were signed in Yaounde on Tuesday December 4, 2018 to pave the way for the first disbursement of funds for the effective kick off of construction of the Nachtigal Hydro-electricity Dam. Two of the conventions brought in additional two shareholders of the Nachtigal Hydro Power Company; the outfit in charge of constructing and managing the dam.

In one of the conventions, the government of Cameroon accorded some of its shares to the African Development Bank’s infrastructure investment platform, Africa 50. While the Minister of Finance, Louis Paul Motaze signed on behalf of the government, Alain Ebobisse, Chief Executive Officer of Africa 50 represented his structure. 

In the other convention, the International Finance Corporation  of the World Bank Group ceded some of it shares to STOA Infra & Energy. Mehita Sylla, Resident Representative of IFC in Cameroon and Charles-Henri Malecot, Director General of STOA Infra & Energy, took the engagement.

A collective convention was then signed amongst: the Government of Cameroon, Africa 50, the International Finance Corporation, STOA Infra & Energy, Electricité de France (EDF) and the Nachtigal Hydro Power Company (NHPC). Following the collective convention, the distribution of shares at NHPC now stands as follows: EDF, 40 per cent; IFC, 20 per cent; Government of Cameroon, 15 per cent; Africa 50, 15 per cent; and STOA Infra & Energy, 10 per ...