Joule Africa saw the Development Bank of Southern Africa (DBSA) commit $4.9 million to finance the final stages of the development of the Bumbuna II hydropower project in Sierra Leone.
The 143 MW project is considered a critical energy project for the country in its bid to reduce its independence on fossil fuels according to Mohale Rakgate, DBSA’s Group Executive for Project Preparation.
Rakgate said “We are impressed by the professional manner in which Joule Africa and its local company, Seli Hydropower, are project managing the numerous workstreams involved in developing this hydropower project which will provide much needed, guaranteed, all year-round electricity to the citizens of Sierra Leone.
“By providing development capital to the Bumbuna II project at this important time, as well as being a prospective senior lender to the project, we are helping to facilitate the bankability and ultimate success of this project. The development of the energy sector is critical to the socio-economic growth of Sierra Leone and is a key element for future planning in a country at the crossroads of major industrial investments.”
Andrew Cavaghan, Executive Chairman of Joule Africa Limited, added “We are pleased to have the support and endorsement of DBSA as we progress the project towards financial close. DBSA’s funding and ongoing support comes at a critical time when our team is focused on completing the remaining activities so that the construction of this landmark project can get underway.”