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Following completion of the first phase of feasibility studies for Kpep, its 283MW hydropower project in Cameroon, Joule Africa is pleased to have received a US$500,000 grant, to help finance the final stage of feasibility studies, including part of the Environmental & Social Impact Assessment (ESIA).

The grant has been provided by the Private Infrastructure Development Group’s (PIDG) Technical Assistance Facility (TAF) which has previously provided support for Joule Africa’s 143MW hydropower project in Sierra Leone.

Mark Green, Co-Founder of Joule Africa, commented:

“This funding comes at an exciting time for the Kpep project which has recently been identified as a priority power project for the country by the Government of Cameroon. As well as starting the ESIA studies, we are now embarking on negotiations with the Government to agree Heads of Terms for a Power Purchase Agreement.”

The Kpep hydropower project is located in the North Western region of Cameroon in the Katsina Ala river basin.  The Project is a storage reservoir scheme that has been optimized for firm energy/dry season production and will link into the Southern Interconnected Grid (one of three independent transport and distribution networks operated by Eneo Cameroun S.A.), providing electricity access on a national scale.

As Joule Africa enters the final stages in developing the Bumbuna II 143 MW hydropower project in Sierra Leone, the Development Bank of Southern Africa (DBSA), one of Africa’s leading development finance institutions, has committed US$4.9 million to finance remaining project development activities.

Mohale Rakgate, DBSA’s Group Executive for Project Preparation, commented:

“Bumbuna II is a critical energy infrastructure project for Sierra Leone which will help to reduce the country’s dependence on fossils fuels and emergency power by providing affordable baseload power for Sierra Leone.

“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.”

Please click here to review the February 2018 edition of our quarterly stakeholder update.

Highlights from this quarter include:

- Ratification of Project Documents

- Public Consultation in Sierra Leone

- Feasability Study begins in Cameroon

On 29 November, the Parliament of Sierra Leone voted unanimously to ratify the Bumbuna II project agreements – a clear sign of the strong cross-party support for this project.

Following on from the Government of Sierra Leone’s signing of the 25-year Power Purchase and Implementation Agreements in August 2017, Parliamentary ratification marks another important milestone in the development of the Bumbuna II hydropower project which, when completed, will provide much-needed all-year round power to Sierra Leone.

Under the conditions of the agreement, local project company Seli Hydropower, jointly owned by Joule Africa and its local partner Energy Services Company (ESCO), will build an extension to the existing 50 MW hydro station, Bumbuna I, and construct a new regulation dam 30km upstream, adding a further 143 MW of power capacity. Construction on the extension is anticipated to start in the second half of 2018 with operations forecast to start four years later. Seli Hydropower, will be responsible for building, owning and operating Bumbuna II, while the ownership of the Bumbuna I assets shall continue to remain with the Government of Sierra Leone.

Commenting on the achievement of this important milestone, Patrick Beckley, Executive Chairman of Seli Hydropower, said:

‘We would like to thank His Excellency The President, Dr. Ernest Bai Koroma, the Government and the people of Sierra Leone for their ongoing support and maintaining their commitment to the Bumbuna II project. I am delighted that we received unanimous approval for ratification in Parliament–  a clear indication of the strong cross-party support for this project.

“The development of Bumbuna II has always been a key part of the country’s long-term energy strategy and we look forward to being able to deliver affordable, all-year round power for the consumers of Sierra Leone.”

Andrew Cavaghan, Joule Africa’s Chairman and a Director of Seli Hydropower, added:

“I am pleased that we have reached another important milestone in the development of the Bumbuna II project.  We are making good progress on all fronts and will look to build on this momentum in the coming weeks and months as we conclude the financing of the project.”

Please click here to review the first of our quarterly stakeholder updates, published in October 2017. 

Highlights from this quarter include:

- Historic Signing of 25-year PPA

- Partnering with Power Africa

- Progress in Cameroon

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.

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.

Under the conditions of the agreement, Joule Africa and its local partner Energy Services Company (ESCO), through joint ownership of the newly formed Seli Hydropower, will build an extension to the existing 50 MW hydro station, Bumbuna I, situated in the north east of the country, adding a further 143 MW of power capacity. Construction on the extension, Bumbuna II*, is anticipated to start by mid-2018 with operations forecast to start four years later. Seli Hydropower, will be responsible for building, owning and operating Bumbuna II. 

Commenting on this announcement, Patrick Beckley, Executive Chairman of Seli Hydropower Limited and Chairman of ESCO, Joule Africa’s local partner, said:

‘We are pleased to have reached this important milestone and thank the Government of Sierra Leone for their continued support. The development of Bumbuna II has always been a key part of the country’s energy strategy and we look forward to being able to deliver a value-for-money solution for Sierra Leone’s electricity distribution and supply authority, EDSA, and affordable, all-year round power for the consumers of Sierra Leone.”

Andrew Cavaghan, Founder and Executive Chairman of Joule Africa and Director of Seli Hydropower, added:

“I am delighted that we have reached this significant milestone in the development of this most important of national and regional energy projects.  Joule Africa has been operating in Sierra Leone since 2010 and has built up some very strong relationships in-country during that time. We have also in place an in-house team very capable of delivering and operating this hydro project, safely and reliably.” 

Paul Kunert, Joule Africa’s Chief Executive and Director of Seli Hydropower, added:

“We are in the process of appointing an experienced contractor and finalising the funding, both of which are well underway.

“As our most advanced project to date, we are committed to ensuring that all aspects of this project are carried out in line with best practice.”

Ambassador Henry Macauley, Minister of Energy, commented:

“This is a critical project for Sierra Leone and represents an important step in helping to resolve our country’s power deficit. When operational, Bumbuna II will make the most of harnessing and managing Sierra Leone’s heavy, seasonal rainfall and will provide clean, reliable energy for generations to come.”

Minister of Finance and Economic Development, Momodu Kargbo, commented:

“The addition of Bumbuna II to the existing Bumbuna I facility will act as an important catalyst in helping businesses and industries to grow and households to enjoy a better standard of living.”

His Excellency Dr. Ernest Bai Koroma, President of the Republic of Sierra Leone, concluded:

“The Government of Sierra Leone is prioritising power generation and seeks to increase accessibility by the population to electricity as part of its commitment to the UN Sustainable Development Goals. As part of this, Sierra Leone has set itself a target of increasing the proportion of households with access to electricity, via the national grid, from 13.5% at the end of 2015 to 30% by the end 2030. The successful construction and operation of both Phase I and II of the Bumbuna Hydroelectric Power Project form a critical part of the Government of Sierra Leone’s long-term energy strategy.

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.

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 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.”