IFC coordinates financing package for hydropower project in Cameroon

The International Finance Corporation (IFC) in partnership with the government of Cameroon, and EDF have signed a set of agreements that will lead to the construction of the Nachtigal hydroelectric plant.

The project is a 420MW run-of-river plant that will increase Cameroon’s power generation capacity by 30%. It has benefited from the engagement of the World Bank and Multilateral Investment Guarantee Agency (MIGA) and was developed through IFC InfraVentures, an infrastructure project development fund.

IFC is the global coordinator of the financing package. The financier will directly invest €60 million ($68 million) in equity, lend up to €110 million ($124 million) for its own account, and mobilise an additional €806 million ($686 million) from 11 development finance institutions and four commercial banks. French utility company EDF and Cameroon will also invest equity.

Source: ESI-Africa

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