Angola plans to introduce hydrokinetic power generation over the next decade as part of its 2025 Energy Security Plan, under which the southern African state has stated its aim to achieve 9,000 Megawatts of production by 2025 to provide access to energy to more than 14 million people.
“Angola is one of the world’s greatest untapped potential sources of hydro power. Its abundant waterways will allow, with the introduction of accessible technologies, the development of low cost energy for the rural and remote areas of this vast country,” said Joao Baptista Borges, Minister of Energy and Water, whose office signed an agreement with Privinvest, the Middle East headquartered industrial group, on the project.
The leader in hydrokinetic power generation, will through its affiliates, CMN and Hydroquest design and manufacture special turbines for use in both rivers and the sea.
Under the terms of the agreement, public utility Empresa Publica de Producao de Electricidade (Prodel) and Privinvest have committed to the creation of a joint venture company in Angola. It will be initially charged with the manufacture and operation of hydrokinetic farms in Angola. The workload will be split between Angola and France.
Prodel has agreed to purchase all the electrical output of the venture in Angola. Operations are expected to commence with the commissioning of 3 test sites, which will have a combined anticipated production output of at least 12 Megawatts. The first site is expected to be online in 2017.
Palomar Capital Advisers, affiliated to Privinvest, is mandated by the Government of Angola to structure the project financing. This financing will be guaranteed by the Republic of Angola.
“The world is crying out for clean energy and with this project the Republic of Angola and Privinvest will be using this ground breaking technology,” said Jean-Francois Simon, Chairman of Hydroquest.