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25 September 2014
Deals | Africa - Projects (Finance & Infrastructure)
On Thursday 18 September 2014, in Bujumbura, the member states of the Economic Community of the Great Lakes Countries (CEPGL) comprising Burundi, the Democratic Republic of Congo and Rwanda, the Energie des Pays des Grands Lacs (EGL, the energy affiliate of the ECGLC), and the Sithe Global / IPS consortium, i.e. the Investor / Developer of the Ruzizi III hydroelectric power plant project came to an agreement on the main terms and conditions for the implementation of this project. Negotiations had begun in 2012.
This agreement is the highly significant first step in the process leading to the completion of the project. On the basis of the term-sheets initialled by the parties, presaging the contracts that will be concluded in the coming months, the Investor / Developer will be in charge of the financing, design, construction and 25-year operation of the 147 MW-capacity hydroelectric power plant located on the river Ruzizi, on the border between the Democratic Republic of Congo and Rwanda.
The overall cost of the investment is estimated at USD 650 million, of which some 60% shall be financed via concessionary financing granted by the international financial institutions supporting the project.
The power produced by the plant will be shared by Burundi, Rwanda and the DRC, and will help reduce the energy deficit in these three countries.
Ever since November 2013, Gide’s Projects team has been assisting the contracting states (Burundi, the Democratic Republic of Congo and Rwanda) and the EGL in negotiating the agreements pertaining to the project, with a team comprising partner Stéphane Vernay, counsel Marie Bouvet-Guiramand, and associate Alix Deffrennes.
