Apparently, ENEO have requested an extension to their concession for a further 10years taking them to 2031. Interesting for VOG as it shows commitment to the future and bodes well for ENEO extending the deal on Bassa/Logbaba, but what is even more positive is the fact they are proposing a huge investment to secure the extension and hint at how they say they will spend the money to provide energy security. In this extract for a quotation from a company representative I think the key word is "balanced" - that surely means expansion of gas as the only reliable energy source to supplement hydro.
"The British group Actis said in the document will assist the State of Cameroon. This assistance will focus on improving the quality of service, access to electricity of the population, control of costs and electricity tariffs. Besides that the group promises to ensure "a balance in supply and demand for electricity and provide sufficient reserves to meet the technical and climatic hazards. Mobilize adequate financial resources to the operations envisaged, "says the document.
It is to achieve the objectives raised qu'Actis wants to have a capital increase Eneo. "This latest proposing to inject himself CFAF 10 billion before asking the state to participate in up to its 44% share," the newspaper said. The group wants to participate in the share capital of Eneo institutional partners and private Cameroonian. All for a total cost of 477 billion CFA francs to invest over the next ten years. "
Malcy correction about "debt drawdown" in todays blog:
I recently wrote about VOG and that things were going pretty well out in Cameroon. I mentioned that they had drawn down around half of the recent BGFIBank facility which was technically incorrect, they would have been going some to that by now. In fact the correct version is that they will ‘draw down around half-ish of that facility this year’. Glad to put the record straight.
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