CDC, Endeavour, OPIC invest in Guinea’s Tè Power Company

The UK’s development finance institution, CDC, has provided a USD 39mn loan to Tè Power Company in Guinea to construct a 50MW thermal power plant in Conakry, the country’s capital. Other investees in the project are OPIC (USD 50mn) and Endeavour Energy (USD 32mn), which is the project’s sponsor and is owned by Denham Capital.

The investment will provide baseload power to a country which experiences regular power cuts and where only 28% of the population has access to electricity.

The electricity generated by Tè Power will be sold to the Guinean government under a five-year power purchase agreement. The project is expected to be fully operational in mid-2019 and will offer power until large hydropower resources come online in approx. five years.

The project is Guinea’s first independent power project which meets international standards and is the first individual investment in the country by CDC.