CDC, the UK’s development finance institution, has announced a US$39 million loan investment in Tè Power Company S.A.S.U., to construct a 50MW thermal power plant in Conakry, the capital city of Guinea. The investment will provide much needed baseload power to a country which experiences regular power cuts and where only 28% of the population have access to electricity.
The Tè Power project is Guinea’s first independent power project meeting international standards and the first individual investment in the country by CDC. The electricity generated by Tè Power will be sold to the Government of Guinea under a five-year Power Purchase Agreement. The project, which is expected to be fully operational in mid-2019, offers the Guinean people power in the medium-term, whilst they wait for large hydropower resources to comes online in around 5 years’ time.