Latest News

Joule Africa becomes a partner of Power Africa

Joule Africa is pleased to announce that it has partnered with Power Africa, an initiative, led by the U.S. Government, aimed at stimulating the public and private sectors to help provide 30,000 MW of new cleaner, generating capacity and to increase electricity access by 60 million new connections in sub-Saharan Africa.

Paul Kunert, CEO of Joule Africa, comments:

As part of its commitment to Power Africa, Joule Africa intends to continue to develop and invest in sustainable power projects in Africa. We are currently focused on two power projects which are expected to deliver over 600 MW of power capacity. Joule Africa works closely with all of its stakeholders to create infrastructure assets that will generate long-term, sustainable value. Joule Africa is focused on projects that provide affordable, reliable, electricity to those countries which need it most: a fundamental factor in any country’s ability to achieve significant economic growth.

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Joule Africa Signs Historic 25-Year Power Deal with Government of Sierra Leone

In a clear sign that the Government of Sierra Leone is taking steps to get the country back on its feet following the Ebola crisis, it has today signed a 25-year Power Purchase Agreement (PPA) with Joule Africa to provide much-needed, all-year round power to the country. 

Click to download full press release.

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Paul Kunert appointed CEO at Joule Africa

As Joule Africa, the renewable power developer and operator, continues to build its senior team ahead of the construction of Sierra Leone’s largest infrastructure project, Bumbuna II*, it has today appointed Paul Kunert as its new chief executive. Kunert, with 20 years’ African power experience gained at CDC, Actis and Globeleq, joined Joule Africa in September 2016 as Chief Operating Officer.

Joule Africa was co-founded by entrepreneurs Mark Green and Andrew Cavaghan, who have been responsible for originating Bumbuna II, securing the initial funding and finalising the necessary Power Purchase Agreement with the Government of Sierra Leone. Both will continue as Executive Chairman, devoting their time to new business origination, key stakeholder management, equity fundraising, and strategy.  This comes at a time when the business, in addition to developing Bumbuna II, is looking to secure its longer-term funding; is developing KPEP, a hydropower project it owns in Cameroon; is negotiating other opportunities; and is targeting a potential London listing in the medium-term.


Commenting on this announcement, Paul Kunert says:
“I am delighted to take over the reins as CEO of Joule Africa. I have enjoyed the last six months and look forward to continuing to work closely with Mark and Andrew in the future. We share the same values and are committed, on a commercial basis, to significantly increasing access to energy for those African countries where it is most needed, a fundamental factor in any country’s ability to develop.”


Mark Green, Chairman and President, adds:
“We recognised that, as Joule Africa continues to grow, we required a successful power professional to run the business for us day-to-day. Paul’s background in financing, developing and managing power businesses across Africa is an ideal fit for us. His on-the-ground experience as CEO of gas processing and generation business Songas in Tanzania and his Chairmanship of Ugandan electricity distributor Umeme, coupled with his relationships across the African power industry and the power investment community, are invaluable.”


Andrew Cavaghan, Chairman, continues:
“Paul’s appointment comes at an exciting time for Joule Africa.  We are building up a team who are experienced in developing and operating critical renewable power assets across Africa. We aim to raise and invest $100m over the next five years to maintain a majority equity stake in three utility-scale base-load power projects in sub-Saharan Africa with a combined capacity of approximately 1GW.”


Joule Africa is currently securing the necessary funding for the construction of Bumbuna II and will be announcing its preferred construction partner in the coming weeks.  Work is starting on the feasibility study for its second project, the 485MW Kpep HPP in Cameroon following signature of an Letter of Intent with ENEO and the Government of Cameroon.



For further information, please contact:

Paul Kunert, Chief Executive, Joule Africa
M: +44 (0) 7375 392545
E: paul.kunert@jouleafrica.com


Ben Morton, Director, Corporate Affairs, Joule Africa
M: +44 (0)7899 792902
E: ben.morton@jouleafrica.com



Notes to editors:

*Bumbuna II Hydropower project:
The Bumbuna II hydropower project is Sierra Leone’s largest infrastructure project and is a key part of the Government of Sierra Leone’s long term Energy Plan.

Bumbuna II will be located on the Upper Seli River in North East Sierra Leone.

The project involves building an extension to the existing Bumbuna I facility which will include 3 new turbines and a 36 km transmission line and building a new dam 32 km upstream at Yiben which will include 2 new turbines.

When complete, Bumbuna II will add 143MW of new capacity and will provide Sierra Leone with reliable, all-year round affordable electricity.



Joule Africa:
Joule Africa is engaged in the development of 1GW of renewable energy projects in Africa with offices in London, Freetown, Yaounde and Port Louis.

Joule Africa puts sustainable development and transparency at the heart of its business practice. The company works closely with all of its stakeholders to create infrastructure assets that will generate long-term value and is dedicated to working closely with Governments to help deliver projects that complement existing plans for social and economic development.

Click to download press release as PDF.

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Joule Africa signs up to develop second African hydropower project

Joule Africa, the renewable energy developer and operator, has signed, alongside Cameroon’s Minister of Water Resources and Energy, H.E. Basille Atangana Kouna and the CEO of ENEO, Joel Nana Kontchou , a Letter of Intent to take the Kpep Hydropower project in Cameroon to the next stage in its development.

As part of the agreement, Joule Africa will undertake comprehensive feasibility studies to build on the pre-feasibility study it commissioned in 2012, which highlighted the potential for creating 485MW of installed capacity.

Commenting on this announcement, Mark Green, President of Joule Africa, said:

“Kpep has the opportunity to transform the economic landscape in the North of Cameroon. It should provide up to 3000 jobs during the construction phase; create significant direct and indirect employment once operational; benefit the local communities; and go a long way towards satisfying the country’s ever-increasing demand for energy by boosting Cameroon’s current energy capacity by up to 40%.”

“It is also a significant milestone for Joule Africa as we look to develop other power projects alongside the Bumbuna II hydro project in Sierra Leone.”

The Kpep Hydropower project is the initial site to be developed as part of a cascade of five sites on the Katsina Ala River in North West Cameroon. The full feasibility studies will include topographical surveys, geotechnical investigation works, preliminary engineering design and a full internationally-compliant environmental and social impact assessment. It is estimated that the feasibility study will take two years with a further four years of construction in order to commission the plant during 2023.

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Joule Africa strengthens senior team

London: International power project developer, Joule Africa has hired Paul Kunert as Chief Operating Officer to help build the team that will deliver Bumbuna II HPP and the pipeline of projects under development.

Mr Kunert has 17 years’ experience in power project development in Africa, including time spent with CDC, Actis and Globeleq, where he was most recently Head of Business Development for Africa. During his time with Globeleq he saw the company increase power under management from 200MW to 1.2GW. He also lived and worked in Tanzania for four years where he was Chief Executive of the 180MW Songas project in Tanzania, leading the business through construction and into commercial operations.

Mr Kunert joins Joule to help build its operational capability to manage the construction, operations and maintenance and asset management of the 140MW Bumbuna Phase II HPP, as well as developing the pipeline of other projects Joule has under development. This includes the 485MW Kpep HPP in Cameroon, 100MW Khepri solar PV project in Cameroon, and a portfolio of run-of-river hydro projects in Chile.

Joule Africa will complete the ESIA for Bumbuna II this month which will coincide with the commencement of lender due diligence. Simultaneously, a revised EPC procurement has been launched, encompassing a Value Engineered design that reduced installed capacity from 202MW to 140MW while reducing forecast energy by only 1%. Prospective lenders to the project include EIB, IFC, CDC, AfDB, EAIF and IDB. Equity for the project will be provided by Joule Africa and its partner, AIIM. Financial Close is being targeted for the second half of 2017.

Andrew Cavaghan, Chief Executive of Joule Africa, commented: “we are delighted that Paul has joined the team at this important inflexion point for Joule and the Bumbuna II project. His experience and track record in helping to build and operate both power projects and credible power platforms in Africa will aid us considerably in the next phase of our business as we gear up to deliver this important renewable project for Sierra Leone, and to develop the other projects in our pipeline.”

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Joule Africa buys out Endeavor Energy interests in Bumbuna II

London and Freetown: International power project developer Joule Africa has bought out its co-developer, Endeavor Energy, giving it 100 per cent ownership of the Bumbuna II HPP.

Bumbuna II is the 202MW expansion of the 50MW Bumbuna HPP commissioned in 2009 by H.E. Dr Ernest Bai Koroma, President of Sierra Leone. The project has been in development since 2011.

Lahmeyer International has completed the feasibility study and managed a tender process to short-list Salini Impregilo S.p.A and Hydrochina-Sinohydro, as the potential EPC contractors. ERM is currently completing the Environmental and Social Impact studies in conjunction with local consultants CEMMATS.

The EU Africa Infrastructure Trust Fund (EUAITF) is providing technical assistance funding, to pay for legal, technical, financial and procurement advisors for the Government of Sierra Leone, arranged by Emerging Africa Infrastructure Fund (EAIF).

Financial close is targeted for the second half of 2017. Equity funding will be provided by Joule Africa and its strategic equity partner, African Infrastructure Investment Managers (AIIM), with debt funding expected to come mainly from international development finance institutions.

Andrew Cavaghan, Chief Executive of Joule Africa, commented: “we and the Government of Sierra Leone have invested considerable resource to bring Bumbuna II to this stage of development. The energy sector, into which this important project will fit, is undergoing considerable development and investment, including interconnection to the West African Power Pool network. We have strong support from our shareholders and our strategic equity partner, AIIM, to develop and implement this important project.”

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AIIM backs Joule Africa

Cape Town: International power developer, Joule Africa, and leading infrastructure equity investment manager, African Infrastructure Investment Managers (AIIM) have entered into an agreed framework that provides AIIM the opportunity to become a major equity investor in the power projects being developed by Joule Africa.

Joule Africa’s current development interests include the 202MW Bumbuna II hydro-electric project in Sierra Leone (being developed in partnership with Endeavor Energy from the United States) and the Kpep hydro-electric project in Cameroon (being developed in partnership with the Government of Cameroon and Cameroonian developer Bethel Industrievertretung). Joule Africa is also pursuing a 100MW solar PV initiative in Cameroon, under a Memorandum of Understanding signed last year with Cameroon’s Minister of Energy.

AIIM was established in 2000 under the joint ownership of the Macquarie Group and Old Mutual Investment Group (Pty) Ltd. As at 31 December 2014, AIIM has funds under management of USD1.2 billion across five infrastructure funds. The funds managed and advised by AIIM are designed to invest long-term institutional unlisted equity in African infrastructure projects such as power generation, renewable energy, toll roads, ports, pipelines and communication infrastructure assets. AIIM’s flagship pan-African fund, African Infrastructure Investment Fund 2 (AIIF2) has made several strategic investments for the African continent through a successful investment programme. This includes two landmark transactions on the continent, namely Cenpower Generation Company (Cenpower) developing the Kpone IPP in Ghana and Azura IPP in Nigeria.

The Kpone IPP is expected to be the largest IPP in Ghana and will account for approximately 10% of the country’s installed capacity. Cenpower pioneered the first Purchase Power Agreement with the Ghanaian power utility, ECG, which now serves as a model for future IPPs in the country and region. AIIF2 and co-investors hold a 30% economic interest in the project.

Azura IPP is the first limited recourse power project in Nigeria following the power industry restructuring, and upon completion, would make it one of the first IPPs to come online in the country in over a decade. AIIF2 is the lead financial investor in the development consortium.

Jurie Swart, AIIM CEO, commented “Joule Africa’s projects under development represent an attractive opportunity and we are delighted to have the opportunity to back the company. We have a number of strategic partnerships in the infrastructure space including African Clean Energy Developments (ACED), which has created a market-leading platform for the development of renewable energy projects in South Africa, and we believe this agreement with Joule Africa will similarly support the successful development of a pan-African development platform outside of South Africa. We see significant growth within this sector over the coming years and this partnership enables us to collaborate with a developer in the African power market that has a strong pipeline of investable opportunities. We are looking forward to a successful long-term relationship with Joule Africa.”

Andrew Cavaghan, CEO of Joule Africa, commented, “we are excited about this strategic alliance with AIIM, an established and respected investor in the African infrastructure market, with the capacity to underpin the equity we will be investing in our projects. We believe that they provide the right fit for us to execute on the growing pipeline of projects which we have in development. We very much look forward to working together.”

The transaction was arranged by the corporate finance team of London-based African Alpha Investment Partners.

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Presentation of $25,000 as response to the emergency fund against Ebola

Representatives of Joule Africa and Endeavor Energy led by the Country Director for Joule Africa, Mr. Patrick Olu Beckley has this morning 14th August donated a banker's cheque for the sum of $25,000 USD (Twenty Five Thousand United States Dollars) as their contribution to the National Emergency Health response against the Ebola outbreak.

The donation was received by President Dr Ernest Bai Koroma at State House.

President Koroma thanked Joule Africa and conveyed his appreciation to their co-sponsors for offering support during these difficult times. “The country is at the moment overstretched financially and in terms of human resources. The appeal that we have made and the responses we are now receiving from institutions like you is encouraging,” the President said.

"I am here this morning with my colleagues, representing Joule Africa Ltd. of the United Kingdom and Endeavor Energy of the United States of America, co-sponsors for the development of the Bumbuna Phase 2 hydro-electric project," Mr. Beckley told the President. He also noted that their presence at State House was in response to the national emergency appeal made by President Koroma in May 2014 in the fight against the deadly Ebola virus disease (EVD).

"Your Excellency, we are aware that the fight against EVD has overstretched our national financial, technical and human capacity to effectively respond, and if we are to halt its spread and eradicate it in the shortest possible time there is an urgent need for an immediate response by the national and international community," he said, and added that President Koroma has indeed proven that as Commander-in-Chief, when the lives of Sierra Leoneans are at stake, "you will respond in a timely manner to halt the spread of the disease in the country".

State House - The Republic of Sierra Leone

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Joule Africa et le Gouvernement du Cameroun ensemble pour le developpement d’infrastructures de production d’energie solaire photovoltaique d’une capacite de 100 Mw pour un montant de US$200m

Londres: Joule Africa, le développeur international d'énergie, promoteur du projet hydroélectrique de Kpep au Cameroun d’une capacité de 607MW, a conclu un protocole d'accord (MoU) avec le gouvernement du Cameroun en vue du développement de nouvelles infrastructures solaires photovoltaïques d’une capacité de 100 MW. Le protocole d'accord a été signé au cours du tout premier Forum Cameroun-Royaume-Uni sur le commerce et l'investissement, tenu du 7 au 9 mai à Londres sous la direction de Son Excellence Monsieur le Premier ministre, Philemon Yang.

Joule Africa et Bethel Industrievertretung (BIIL), son partenaire local dans le cadre du présent projet ainsi que du projet hydroélectrique de Kpep, vont à présent travailler conjointement avec le gouvernement du Cameroun pour identifier jusqu'à cinq sites aptes à accueillir les nouvelles infrastructures. Ces sites sont susceptibles de se trouver dans le nord du pays, où les niveaux de rayonnement solaire sont les plus élevés.

Le projet apportera de nouveaux investissements en capital de l'ordre de 200 millions de dollars américains au secteur énergétique du Cameroun, augmentera la capacité de production actuelle d'environ 15 pour cent et rehaussera l'engagement du pays vis-à-vis du développement de sources d'énergie renouvelables comme élément clé de son bouquet énergétique. Les nouvelles installations seront construites en plusieurs phases, la première mise en service étant prévue dès 2015 et l'exploitation commerciale complète en 2017.

Son Excellence Dr. Basile Atangana Kouna, Ministre de l’Eau et de l'Energie, qui a signé le protocole d’accord pour le gouvernement du Cameroun en présence de Monsieur le Premier ministre, a déclaré: « Nous sommes ravis de l'engagement de Joule Africa et de Bethel Industrievertretung vis-à-vis du projet hydroélectrique de Kpep et sommes impatients de travailler avec l'équipe sur cette importante et passionnante initiative solaire photovoltaïque ».

Mark Green, Président de Joule Africa a ajouté: «Le Cameroun est une destination de choix en matière d'investissement pour Joule Africa. Nous sommes ravis de prendre ce nouvel engagement envers le pays. Ces infrastructures solaires photovoltaïques, qui s’aligneront au bout du compte sur le projet hydroélectrique de Kpep, représentent une opportunité de fournir une capacité supplémentaire de production d'énergie renouvelable dans un délai relativement court. Les prochains mois seront consacrés à la sélection du site, après quoi, nous allons mener des études de faisabilité détaillées et engager le processus de construction en phases qui devrait commencer, selon les prévisions, au cours de la première moitié de l’année 2015. Nous restons engagés à respecter les normes les plus exigeantes dans l’exécution de ce projet, y compris la transparence et la communication ouverte pendant le processus de développement et assurer que l’impact de notre action soit très positif sur les communautés au sein des quelles nous travaillons.

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Joule Africa to work with Government of Cameroon on US$200m 100MW Solar PV Development - Press Release

London: Joule Africa, the international energy developer behind Cameroon’s proposed 607MW Kpep hydroelectric project, has entered into a Memorandum of Understanding (MoU) with the Government of Cameroon to develop 100MW of new solar PV facilities. The MoU was signed at the first ever UK-Cameroon Trade and Investment Forum, held 7 – 9 May in London and led by His Excellency Prime Minister Philemon Yang.

Joule Africa and Bethel Industrievertretung (BIIL), its local partner on this and the Kpep hydroelectric project, will now work together with the Government of Cameroon to identify up to five sites that are suitable to host the new facilities. These are likely to be in the north of the country, where solar irradiance levels are higher.

The solar project will bring further capital investment of around US$200m to Cameroon’s energy sector, increase current generating capacity by approximately 15 per cent and underscore the country’s commitment to renewable energy sources as a key component in its energy mix. The new facilities will be built in phases, with first commissioning scheduled to occur as early as 2015 and full commercial operation during 2017.

His Excellency Dr. Basile Atangana Kouna, the Minister of Water Resources and Energy, who signed for the Government of Cameroon in the presence of the Prime Minister, commented: “We are delighted with the commitment Joule Africa and Bethel Industrievertretung have shown on the Kpep hydroelectric project and look forward to working with the team on this important and exciting solar PV initiative.”

Mark Green, President of Joule Africa, added: “Cameroon is an investment destination of choice for Joule Africa. We are delighted to make this further commitment to the country. These solar PV facilities, which will ultimately sit alongside the Kpep HEP, represent an opportunity to deliver renewable generating capacity within a relatively short timeframe. The next few months will be devoted to site selection, after which we will conduct detailed feasibility studies, with the phased construction process due to begin during the first half of 2015. We remain committed to the highest standards in our execution of this project, including transparency and open communication during the development process and ensuring that we have a highly positive impact on the communities we work amongst.”

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'Joint agreement made on Sierra Leone power station plan' - African Business Review

The Government of Sierra Leone, Endeavor Energy and Joule Africa agree development plan for 202-megawatt hdroelectric power project.

Endeavor Energy, a privately-owned independent power development and generation company backed by Denham Capital, and Joule Africa, the international power developer, have entered into an agreement to jointly develop the Bumbuna Phase II Power Project, a hydroelectric power (HEP) project, located in Sierra Leone.

Bumbuna Phase II will add an additional 202 megawatts to the existing 50 megawatts at Bumbuna HEP.

Click here for the fully story.

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'Endeavor Energy, Joule Africa agree to partnership for Bumbuna hydropower plant expansion' - Hydro World

Endeavor Energy and Joule Africa have entered into an agreement for the joint development of a 202 MW expansion of Sierra Leone's 50-MW Bumbuna hydropower plant.

Joule Africa recently completed feasibility studies for the project, allowing the partners to being the engineering, procurement and construction (EPC) process.

Click here for the fully story.

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'The Government Of Sierra Leone, Endeavor Energy and Joule Africa to launch EPC tender for Bumbuna Phase II' - Yahoo Finance

Endeavor Energy, a privately owned independent power development and generation company backed by Denham Capital, and Joule Africa, the international power developer, have entered into an agreement to jointly develop the Bumbuna Phase II Power Project, a hydroelectric power (HEP) project, located in Sierra Leone.

Bumbuna Phase II will add an additional 202 megawatts to the existing 50 megawatts at Bumbuna HEP. Endeavor Energy, which received an initial commitment from Denham's $3 billion Fund VI in June, has agreed to fund the remaining development costs for the project and will invest up to 75 percent of the equity at financial close (estimated $150m).

Click here for the fully story.

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'Endeavor partnership shortlists EPC contractors for Bumbuna Phase 2' - Engineering News

The $700-million expansion of the Bumbuna Phase 2 hydroelectric power project has gained traction after five engineering, procurement and construction (EPC) contractors were shortlisted for the project.

The project, which is a public–private partnership between independent power producer Endeavor Energy, the government of Sierra Leone and international power developer Joule Africa, would add 202 MW of power generation capacity to the existing 50 MW being generated by the Bumbuna Phase 1 project.

Click here for the fully story.

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'Le gouvernement de la Sierra Leone, Endeavor Energy et Joule Africa s’apprêtent à lancer un appel d’offres IAGC dans le cadre de la phase II de Bumbuna' - Star Africa

The Government of Sierra Leone, Africa Endeavor Energy Joule and agree on a development plan in the Power Development 202 megawatt project.

The private company Endeavor Energy, supported by Denham Capital, specializes in the production and development of independent power projects. It has an agreement with Joule Africa, developer of world-class power, to jointly develop the energy project phase II Bumbuna Hydroelectric Project (HEP) in Sierra Leone.

Click here for the fully story.

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The Government Of Sierra Leone, Endeavor Energy and Joule Africa to launch EPC Tender for Bumbuna Phase II - Press Release

Freetown: Endeavor Energy, a privately owned independent power development and generation company backed by Denham Capital, and Joule Africa, the international power developer, have entered into an agreement to jointly develop the Bumbuna Phase II Power Project, a hydroelectric power (HEP) project, located in Sierra Leone.

Bumbuna Phase II will add an additional 202 megawatts to the existing 50 megawatts at Bumbuna HEP. Endeavor Energy, which received an initial commitment from Denham’s $3 billion Fund VI in June, has agreed to fund the remaining development costs for the project and will invest up to 75 percent of the equity at financial close (estimated $150m).

Joule Africa has completed the feasibility study for the development of the second phase of Bumbuna and, the parties are now ready to launch the Engineering, Procurement and Construction (EPC) tender.

A shortlist representing some of the most respected EPC firms from across five continents has been selected. International hydro engineering firm, Lahmeyer International, has already carried out the feasibility and design work, whilst Environmental and Social studies are also being carried out by Environmental Resources Management, the world's leading sustainability consultancy.

Lenders to the project will likely include the African Development Bank, IFC and Emerging Markets Infrastructure Fund along with a club of European development finance institutions.

Sean Long, CEO of Endeavor Energy stated: “We are pleased to have teamed up with Joule Africa and the Government of Sierra Leone to jointly complete the expansion of the Bumbuna Phase II in a public private partnership. We are also delighted by the work Joule Africa has done thus far on the project with the Government of Sierra Leone and welcome the opportunity to help complete the project in order to provide much needed low cost power generation to the citizens of Sierra Leone.”

Andrew Cavaghan, CEO of Joule Africa commented: “Today’s announcement follows two years of hard work as we jointly structured this important and essential expansion to the Bumbuna HEP with the Government of Sierra Leone. We are very much looking forward to moving this project forward with Endeavor Energy, and are confident in the level of support from the international financing community. We are also delighted by the short list of EPC contractors to which we will be launching, as this project promises to be a landmark development for Sierra Leone and the sub region.”

Honorable Oluniyi Robbin-Coker, Minister of Energy, added: “We are delighted by the progress made by Joule Africa and the manner in which they have engaged in the issues of concern to the Government of Sierra Leone. We are hopeful that this important project will be developed to the highest international standards, delivering a timely expansion to the current installed energy generation capacity in Sierra Leone.”

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'Endeavor Energy and Joule Africa partner to develop Bumbuna Phase II Power Project' - Denham Capital Management

Freetown, Sierra Leone – 18 November 2013– Endeavor Energy, a privately owned independent power development and generation company, today announced that it has entered into a joint development agreement (JDA) with international power developer Joule Africa.

As part of the agreement the two companies will work together to develop and construct the US$700 million Bumbuna Phase II Power Project, a hydroelectric power (HEP) project in Sierra Leone projected to add an additional 202 megawatts to the existing 50 megawatts at Bumbuna Phase I.

Click here for the fully story.

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Joule Africa partners with Endeavor Energy to develop Bumbuna Phase II Power Project

Freetown, Sierra Leone: Endeavor Energy, a privately owned independent power development and generation company, today announced that it has entered into a joint development agreement (JDA) with international power developer Joule Africa.

As part of the agreement the two companies will work together to develop and construct the US$700 million Bumbuna Phase II Power Project, a hydroelectric power (HEP) project in Sierra Leone projected to add an additional 202 megawatts to the existing 50 megawatts at Bumbuna Phase I.

Bumbuna Phase II is the first project for Endeavor Energy, which was formed in June following an initial commitment from leading energy-focused global private equity firm Denham Capital’s $3 billion Fund VI. As part of the JDA, Endeavor Energy has agreed to fund the remaining development costs for the project and expects to invest up to 75 percent of the project’s equity at financial close (estimated $150 million USD).

“We are pleased to begin our first project after such a short period of time and to team up with our great partners Joule Africa and the Government of Sierra Leone to launch Bumbuna Phase II,” said Sean Long, CEO of Endeavor Energy. “We are also delighted by the work Joule Africa has done thus far on the project with the Government of Sierra Leone. We welcome the opportunity to help complete it in order to provide much needed low-cost power generation to the citizens of Sierra Leone.”

In addition to Bumbuna Phase II, Endeavor Energy is in discussions to acquire and develop a number of other thermal and hydro power generation opportunities throughout Africa.

“We are likely to commit to complete the development of our second project, an estimated $500 million power generation project in Sub-Saharan Africa, before the end of this year,” added Long. “We continue to see a robust market and a need for independent power generation companies like Endeavor Energy to invest both development capital and equity capital in power generation projects in Africa.”

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Cameroon’s business climate is picking up - British High Commissioner - Business in Cameroon

YAOUNDE, Cameroon: The former British High Commissioner to Cameroon, Bharat Suresh Joshi, says the country has made strides to improve on the business climate. Recently as this year Cameroon now has an investment code and the programme budget, to cut on government’s avoidable expenditure is in its first year of operation.

Even though much still needs to be done, Cameroon’s situation is similar to others, according to Bharat. “It is true that it is not easy but when I talk with investors all over in the world, I see that it is never easy to do business. I don’t have the impression that Cameroon is more difficult than other countries,” he said after a farewell visit to the Minister of Finance, Alamine Ousmane Mey last September 6, 2013.

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'Cameroon: British diplomat lauds progress in Cameroon's business climate' - AllAfrica.com

Outgoing British High Commissioner to Cameroon, Bharat Suresh Joshi, has lauded strides in improving the hitherto hostile business climate in Cameroon. The British diplomat said when he just arrived in Cameroon; everybody was telling him that it was hard to do business here in the country. "Contrary, we have realised that each of our investors has augmented his/her market shares. For example, we have enterprises involved in several sectors of the economy; energy, hydrocarbons, service etc and who are doing good businesses in Cameroon," he said

The strides notwithstanding, much still needs to be done but Bharat Suresh Joshi said Cameroon's situation is not peculiar. "It is true that it is not easy but when I talk with investors all over in the world, I see that it is never easy to do business. I don't have the impression that Cameroon is more difficult than other countries," he observed.

Click here for the fully story.

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'Cameroon-UK relations entering into a new phase' - AllAfrica.com

Outgoing British High Commissioner to Cameroon, Bharat Suresh Joshi, in an exclusive interview with Cameroon Tribune, throws light on the growing dynamism in ties between his country and Cameroon.

He talks about the fight against corruption, British business interest and the business climate in Cameroon and so on.

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'Cameroon's Biya authorizes Joule Africa to build key electricity plant' - Wall Street Journal

YAOUNDE, Cameroon: Cameroon's President Paul Biya last weekend authorized British energy firm Joule Africa to start constructing a key West African hydroelectricity plant, a government official told Dow Jones Newswires Tuesday.

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Coverage from the opening of the Bumbuna Resource Centre

4th March 2013 saw the commissioning of a joint venture between renewable energy developer Joule Africa and child development NGO Street Child of Sierra Leone, which is set to further improve access to education in the Bumbuna area. The Bumbuna Resource Centre was officially opened by the Sierra Leonean Deputy Minister of Energy at an event attended by Members of Parliament, and local dignitaries, including the Paramount Chief of the region.

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Commonwealth Office MP speaks of Joule Africa ‘success story’

At a recent Business Council for Africa (BCA) event, Mark Simmonds MP, Parliamentary Under-Secretary of State at the Commonwealth Office, spoke glowingly of Joule Africa’s efforts in a speech delivered to selected British business representatives with an interest in Africa.

Mr Simmonds had been invited to talk about the Government’s support of British business in Africa and its overall view on prosperity and potential in the region for 2013 and beyond. Speaking of the Sub-Sahara as an area ‘brimming with opportunities’ but also facing ‘significant challenges’, Mr Simmonds highlighted the Government’s current agenda for encouraging British businesses to invest in the region.

Mr Simmonds concluded with examples of a select number of projects that he described as ‘success stories’; foremost amongst them was Joule Africa’s project development agreement with the Government of the Republic of Cameroon to develop a major new national hydroelectric project located on the Katsina Ala River in the Northwest Region of the country.

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Joule Africa signs Project Development Agreement with Government of Republic of Cameroon to develop new Hydropower Project on the Katsina Ala River

29th November, Yaounde: At an event in Yaounde in the Republic of Cameroon today, Renewable energy developer Joule Africa announced details of a Project Development Agreement (PDA) with The Government of The Republic of Cameroon to develop a major new national hydroelectric project located on the Katsina Ala River in the Northwest Region of the country.

Joule Africa, an international company with offices in London, Yaounde and Freetown, will now work in partnership with the Government of The Republic of Cameroon and renowned technical hydro-engineering consultancy, Lahmeyer International, to undertake a full feasibility and bankability study.

The Pre-feasibility assessments indicated that the full cascade has the potential to achieve installed capacity of up to 850MW with a planned first stage in excess of 450MW, which at full capacity would represent an increase of more than 40% in the present installed capacity at the national level.

His Excellency Dr. Basile Atangana Kouna, the Minister of Water Resources and Energy, commented: “We are delighted with the swift progress already made by Joule Africa and this new agreement sets a strong and balanced foundation for the next phase in the project’s development. Whilst we are still in the early stages, we are confident that this new project will be capable of representing a major boost of electricity generation for the nation.”

Mark Green, Joule Africa’s President & Chief Operating Officer, added: “Joule Africa will now be embarking upon the preparation of a full feasibility study with Lahmeyer International, assessing the suitability and potential of this development. This will take approximately 12 months, after which we will start to finalise the legal and financial structure with the Government of Cameroon to enable construction to commence. Infrastructure projects such as this take many years to develop, taking into consideration the needs of all the parties who will be impacted by the development. We are committed to meeting the highest standards in our execution of this and all our projects, including maintaining a high level of transparency and open communication during the development.”

Joule Africa Ltd, has made a number of visits to the project site in the past 12 months. During those trips, the company engaged with local communities in the Furu-Awa and Fungom Sub-Divisions of Menchum Division as part of its commitment to social development in the areas in which it works. A recent needs-assessment of the project area has helped Joule Africa to identify additional social activity that the company hopes will bring added developmental benefits to the surrounding area.

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'Sierra Leone's Minister of Energy & Water Resources speaks out about Bumbuna development' - AYV Radio, Freetown

7th November, FREETOWN: Speaking to AYV Radio FM 101.6 on Wednesday November 7th 2012, a day after the third anniversary of the commissioning of Bumbuna Phase I Hydropower dam, Sierra Leone’s Minister of Energy and Water Resources, Hon. Oluniyi Robbin-Coker, reiterated Sierra Leone Government’s commitment to the generation, transmission and distribution of up to 500MW of electricity nationwide in the medium term [up to four times the current capacity].

The Hon. Robbin Coker outlined government’s plans to achieve this goal through combined sources; thermal; hydro and the development of other renewable energy technologies.

The Minister also reiterated that the Government of Sierra Leone continues to effectively collaborate with Joule Africa for the delivery of Bumbuna Phase II hydrodam.

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Joule Africa sponsors Sierra Leone Marathon

Joule Africa was a proud supporter of the Kiln Sierra Leone Marathon on June 9th which benefitted the charity Street Child of Sierra Leone. The marathon, the first of its kind in Sierra Leone, was an overwhelming success with every runner finishing the race, and funds raised surpassing the organisation's expectations.

The funds raised will go towards supporting the charitable activities of Street Child of Sierra Leone, benefitting their programmes across the country - including those in the Joule Africa project area. Street Child of Sierra Leone assists children currently living on the streets, placing them back into homes and into schools, while additionally supporting schools, teachers, and children's rights accross the country. Joule Africa is proud to be a sponsor of Street Child of Sierra Leone and is actively pursuing further partnership for the future.

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'Cameroon inks MOU in $1 bln 450MW hydro project' - Reuters

YAOUNDE, March 9 (Reuters) - Cameroon and U.S. emerging markets energy developer Joule Africa signed a memorandum of understanding (MOU) to develop a $1 billion 450 MW Kpep Hydroelectric Project in the Central African nation, the parties said on Friday.

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'Joule Africa studies 450MW hydropower dam in Cameroon' - Bloomberg

Joule Africa, a unit of San Francisco-based Joule Investments, is conducting a 24-month study for a hydropower dam in Cameroon on the Katsina-Ala River, said Energy and Water Resources Minister Basile Atangana Kouna.

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Joule Africa to develop new 450MW hydro power project in Cameroon' - Joule Africa press release

Cameroon to develop new 450MW hydro power project in partnership with Joule Africa. The project is expected to increase the country’s electricity supply by at least 40%

(YAOUNDE, 8 March 2012) – Emerging markets energy developer Joule Africa and the Government of The Republic of Cameroon announced today that they have entered into a Memorandum of Understanding for the development of the Kpep Hydroelectric Project, an undertaking which will increase the country’s current installed power generation capacity by at least 40%. When completed, the project is expected to have an installed capacity of more than 450 MW.

Located on the Katsina-Ala River in Menchum Division, north of the city of Bamenda (capital town of the Northwest region), and near the Nigerian border, the Kpep Hydroelectric Project is expected to greatly benefit the people of Cameroon. In addition to the increase in power capacity, which will boost economic development, the project will create jobs, as well as opportunities for training and the transfer of industry expertise to local residents.

The Government of Cameroon has identified increased power capacity as a key driver to realising the country’s ambitions of becoming an emerging economy by 2035. Demand for electricity in Cameroon is projected to triple over the coming decade, requiring at least an estimated 3 GW of additional energy infrastructure by 2020. The Minister of Water Resources & Energy, His Excellency Dr. Basile Atangana Kouna, said of the new partnership:

“Independent Power Projects (IPPs), such as this one with Joule Africa, are at the core of the Government of Cameroon’s strategy for increasing access to water and energy. The involvement of the private sector is key to building necessary infrastructure and to realising the development goals that the country has set. Choosing to work with Joule Africa on this project further demonstrates the commitment of the Government to mobilising international investment for the development of Cameroon.”

On his part, Joule Africa Managing Partner, Mark Green, said:

“We are delighted that the Government of Cameroon has identified Joule Africa as the appropriate partner for the development of the Kpep Hydroelectric Project. This is the second project under development for us in sub-Saharan Africa. We are committed to working closely with both the technical and financial community in Cameroon to make this a genuine partnership between Joule Africa and the people and Government of Cameroon. We are privileged to be a part of this project and of the growth and development that it signifies for the country.”

Joule Africa will undertake the development with local partner Bethel Industrievertretung Inc. Ltd of Bamenda-Cameroon, whose consulting services enabled this IPP, and leading European engineering firm, Lahmeyer International GmbH. Lahmeyer International GmbH is recognised as one of the top hydro engineering firms in the world and has extensive experience designing hydroelectric projects in Africa.

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Joule Africa strengthens advisory board

Appointments include Ken Costa, General Lord Richard Dannatt and Lord David Triesman.

LONDON - (5 December 2011)- Joule Africa, the British-American alternative energy developer partnering with the Government of Sierra Leone to build the second phase of the Bumbuna Hydroelectric power station, announced today the appointment of three new members to its Advisory Board: Ken Costa, General Lord Richard Dannatt and Lord David Triesman. The development of Bumbuna Phase II by Joule Africa and the Government of Sierra Leone will more than quadruple the West African country's power generation capacity by 2017.

Ken Costa was most recently Chairman of Lazard International and previously Vice-Chairman of UBS Investment Bank. He has advised numerous landmark transactions including the sale of Harrods to Qatar Holdings. Mr Costa has more than 30 years of senior investment banking experience, including large infrastructure and investment projects in Sub-Saharan Africa.

General Lord Richard Dannatt is the former Chief of the General Staff and the incumbent Constable of the Tower of London. He has also served as the Commander-in-Chief, Land Forces; and the Commander-in-Chief of the Allied Rapid Reaction Corps. In addition to his considerable experience in geopolitical and logistical matters, he has direct experience of Sierra Leone, both professionally and via his status as a patron of the charity, Street Child of Sierra Leone.

ord David Triesman is the former UK Parliamentary Under-Secretary in the Foreign and Commonwealth Office with responsibility for Africa under Tony Blair. Among his other responsibilities, he is now Chairman of the Board of Advisors of the boutique merchant bank, Templewood, whose investors and clients have a strategic interest in Africa. Lord Triesman maintains close relationships with a number of heads of state in Africa and brings an understanding of the political issues involved in progressing projects of this nature.

Mark Green, Managing Partner, Joule Africa comments: “We are delighted to have attracted all three of these men to join our Advisory Board. All of them bring world-class experience in complimentary areas that will help us move forward on an even stronger footing in Sierra Leone and elsewhere in the region. We have been informally working with each of them individually for varying periods of time and are delighted to formalize the relationships.”

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Joule Africa commences bankable feasibility study for Bumbuna Phase II

Firm also establishes office space and full time staff in Freetown.

FREETOWN, Sierra Leone - (22 November 2011) - Joule Africa, the jointly held US/UK firm that entered into a Memorandum of Understanding with the Government of Sierra Leone to develop the second phase of the Bumbuna Hydroelectric power station, announced today that it has commenced the Bankable Feasibility Study (BFS) for the project.

The study, launched by the German engineering firm Lahmeyer International, in partnership with local firm CEMMATS, will undertake the following: a full environmental and social impact study of the proposed dam sites; hydrological studies; a topographical survey, including an aerial survey; geotechnical studies; and design work. The BFS launched a month ahead of schedule and will be completed by October 2012.

In addition, Joule Africa is pleased to announce it has established a permanent presence in Sierra Leone. The company has acquired office space at the Bishop Building in Freetown (20 Lamina Sankoh Street) under the direction of Patrick Olu Beckley, as Country Director. It has also hired full time Sierra Leonean staff including an Assistant Director, Office Manager, an accounts team, and two expatriate staff, a Finance Director and Legal Counsel. The company will be renting a large residential property for the expatriate staff in Freetown and shortly two more properties for engineering staff in Kabala and Makeni.

“Joule Africa gives great thanks to His Excellency Dr. Ernest Bai Koroma and the Government of Sierra Leone for support of this project,” said Andrew Cavaghan, Managing Partner of Joule Africa. “We are very pleased at the significant progress the company has made to date and we are still very much on track to deliver this project of vital national importance on time, hoping to commence construction in 2013 and achieve project completion by 2017.”

Currently Sierra Leone has one of the lowest levels of electricity in Sub Saharan Africa at under 100 MW. At the completion of Bumbuna Phase II, initial estimates put the incremental increase in power capacity at up to 339 MW, bringing the total Bumbuna power capacity to 389 MW.

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Invest in Sierra Leone - SLIEPA video from InterMotion Media on Vimeo.

Sierra Leone's Investment and Export Promotion Agency hosted a conference in Sierra Leone between the 16th and 17th of November. In order to show some examples of progress that are going on in the country, we traveled around and filmed a number of businesses in action. We had originally planned on just filming the businesses and the using the footage later, but on Sunday night we learned that SLIEPA was interested in having a video for Wednesday. By really pushing hard we were able to finish the video in time for the conference, where it was given prime time viewing - right before the President of Sierra Leone spoke.

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'Sierra Leone seeks investors in agriculture, electricity' - Voice of America

Sierra Leone hosted a trade and investment conference this week, promising significant opportunities in the private sector. Officials say the West African nation has come far since the end of its long civil war in 2002.

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'Bringing business to Sierra Leone' - CNN

Sierre Leone's President, Ernest Bai Koroma aims to move on from the country's long civil war and attracts investment and tourism.

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'Joule Africa appoints Lahmeyer International to undertake feasibility studies for Bumbuna Phase II development in Sierra Leone' - Newstime Africa

Freetown - Two weeks after signing a Memorandum of Understanding with the Government of Sierra Leone, Joule Africa, the emerging markets alternative energy developer, has appointed Lahmeyer International, a European engineering firm, to undertake feasibility studies for the second phase of development for the Bumbuna hydroelectric facilities. The Lahmeyer team arrived in Freetown THIS WEEK to start on an initial pre-feasibility study which will take up to six months. Lahmeyer International has a long-standing reputation of working successfully in Africa and extensive experience designing hydroelectric plants across the world. The firm previously worked in Sierra Leone in 1996 undertaking a Power Sector Master Plan for the government. This report included a survey of a number of possible hydroelectric sites, including Bumbuna and the subsequent phases for its development.

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'Sierra Leone says Bumbuna deal with Joule Africa' - Reuters

Freetown - Sierra Leone confirmed on Thursday that Joule Africa, a member of California-based Joule Investments Group, would help it expand the Bumbuna hydroelectric project, clearing up confusion over the deal.

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Sierra Leone to receive an additional 350MW of power

Sierra Leone to receive an additional 350MW of power via development of second phase of Bumbuna Hydroelectric project

(Freetown - Coinciding with the 50-year anniversary of Independence, the people of Sierra Leone will celebrate a planned THREEFOLD increase in the Total Power Output for their country, firmly establishing it as an attractive location for industrial and commercial investors in the region.

Following an extensive two-year search for a suitable partner to develop the second phase of the famous Bumbuna Hydroelectric power station, the Government of Sierra Leone has agreed to partner with Joule Africa through a Memorandum of Understanding signed with the Ministry of Energy & Water Resources. The first phase of Bumbuna was commissioned by His Excellency, Dr Ernest Bai Koroma, in 2009, marking a momentous conclusion to a thirty-year project. Joule Africa is committing to complete the second phase of the project within six years, allowing Sierra Leone to enjoy the full benefits of the additional power by the beginning of 2017. The Government of Sierra Leone has insisted on a strict timetable to completion for Joule Africa with deliverable milestones every six months. Work is anticipated to start on the initial feasibility studies within thirty days.

Initial estimates put the incremental increase in power capacity at up to 350 MW, bringing the total Bumbuna power capacity to 400 MW. Sierra Leone currently has one of the lowest levels of electricity in Sub Saharan Africa at under 100MW, making it a top priority for Dr. Earnest Bai Koroma and his Government when he was elected.

Commenting on the new partnership, His Excellency Dr Ernest Bai Koroma said:

“Increasing the availability of affordable power has been a top priority for the APC since coming to power in 2007. I was delighted to commission the first phase of the Bumbuna Hydroelectric project, which has delivered a significant increase in energy to Freetown. The signing of this partnership with Joule Africa makes possible the next major step in this journey. The completion of Bumbuna Phase Two will not only significantly increase the supply of consistent year-round energy to Freetown, but will make it increasingly attractive for international commercial and industrial businesses to invest in our country, bringing increased wealth, employment and training to the people of Sierra Leone.”

On his part, Joule Africa Managing Partner, Greg Newman, said:

“We have a significant track record of working with developing countries and have at our disposal significant financial resources to make this project a reality. We are committed to work closely with both the technical and financial community in Sierra Leone to make this a genuine partnership between Joule Africa and Sierra Leone, at every level. We are excited to be part of such an important national project which has the capacity to transform the industrial and commercial sectors within Sierra Leone.”

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