ENEO-10 Year Extension19 Jun 2018 23:36
Translated via google
Electrician Eneo, a subsidiary of the British Actis, announces the extension of its concession in Cameroon for a period of 10 years
Tuesday, June 19, 2018
(Invest in Cameroon) - Electrician Eneo, a subsidiary of Britain's Actis, announces the extension of its concession in Cameroon for a period of 10 years. This is revealed by an internal note issued on June 14 in the company.
More specifically, says the note, Wednesday, June 13, 2018, the Minister of Water and Energy has notified Eneo, the decision of the President of the Republic, Paul Biya, to extend the framework concession contract and contracts derivatives that bind the State of Cameroon to Eneo Cameroon. " This extension runs for a period of 10 years from 18 July 2021 in the generation and distribution segments, it being understood that the transmission concession and the management of the electricity transmission network will end December 31, 2018 , "says the company.
" We would like to express our thanks to the President of the Republic and the Minister of Water and Energy for this decision and for the confidence thus shown to our company and its strategic partner, Actis .", Welcomes the subsidiary . She said that in the next three months, she will work on the formalization of an amendment that will above all allow her to raise funds from donors who have already expressed interest in the development of the sector.
The concession contract of the public electricity service in Cameroon was signed in 2001 for a period of 20 years, between the State and the American company AES. The latter, at the end of 2013, sold all its assets to the British Actis. This investment fund then developed and submitted to the government, as of 2015, an investment program requiring long-term loans, which could not be covered for the rest of the contractual period (less than 10 years).
In order to make these estimated investments worth around 900 billion FCFA over a period of 10 years, an Eneo Board of Directors held on 23 April 2015 in the Cameroonian capital, Yaounde, recommended that the General Directorate " finalize and finalize sign the new addendum to the concession contract between Eneo Cameroon SA and the Republic of Cameroon ". What has just been done.
https://www.investiraucameroun.com/electricite/1906-10967-lelectricien-eneo-filiale-du-britannique-actis-annonce-la-prorogation-de-sa-concession-au-cameroun-pour-une-periode-de-10-ans