On July 2, 2021, Gabon Power Company (GPC) and Meridiam SAS completed the $100‑million financing of the Kinguélé Aval hydroelectric power plant. GPC is a portfolio company of the Gabonese Strategic Investment Fund, and Meridiam is an independent investment benefit corporation focusing on the development, financing and long-term management of sustainable public infrastructures.
The plant will have a capacity of 35 MW and is expected to supply the national network up to 205 GWh per year, including 13 per cent of the electrical needs of Libreville, the capital of Gabon. It will lead to the replacement of existing thermal capacity and will save more than 150,000 tonnes of carbon-dioxide emissions per year. It will also benefit the electrification of rural areas such as Andock Foula, contributing to social inclusion in Gabon. The plant is expected to be commissioned by the end of 2024.
The total funding required to build the dam amounts to €179 million, under a 30-year concession agreement. Kinguélé Aval is carried by Asonha Energie, a project company owned 60 per cent by Meridiam and 40 per cent by GPC, and supported by several major financing institutions: IFC, the World Bank’s private sector, the African Development Bank, the Development Bank of Southern Africa and the Emerging Africa Infrastructure Fund (Lenders).
Blake, Cassels and Graydon LLP represented the Government of Gabon, Ministry of Energy, with a team led by
Sébastien Vilder (power/financial services),
and which included
Fabien Lanteri-Massa,
Paulina Balabuch,
Rebecca Dawe (financial services).
Gide Loyrette Nouel in Paris represented Meridiam and GPC with a team consisting of
Marie Bouvet-Guiramand,
Magueye Gueye.
Allen & Overy LLP represented the lenders with a team consisting of
Tim Scale,
Pravesh Lallah,
Sebastien Plamondon.