!css
Societe Generale in Africa

News

10/12/2018

Nachtigal, the most powerful dam in Cameroon

At the beginning of December, the construction of the Nachtigal hydroelectric dam started on the Sanaga river, North of Yaoundé, the capital of Cameroon. The equipment commissioning is planned for 2023 which will increase the country's electricity supply by one third.

It is a French group - NGE (New Generation of Entrepreneurs) - which obtained on 1 August 2018 the contract for the conception of this dam. another French group - EDF will ensure the exploitation of it.

Societe Generale acted as a financial counselor for the consortium formed by EDF, the IFC* (International Finance Corporation) and the Government of Cameroon. This 1 billion euros project was financed by about 15 international and local institutions. It is a unique example of public-private partnership in Cameroon.

Societe Generale was also a coordinator of the local financing part.

The Nachtigal power station will represent at its completion more than 30% of the installed electrical capacity of the country.  In terms of employment, Gaston Eloundou Essomba, Minister of Water and Energy (MINEE), announced that the dam should create 1500 direct jobs. Financing infrastructures is a key factor of Africa's development, and Societe Generale is willing to increasingly contribute to it. Among other things, it aims to extend the workforce dedicated to structured financings in Africa from 30 to 40 people before the end of 2019 and to increase the financial commitments related to structured financings in Africa of 20% in 3 years, including the financing of infrastructures.

 

*The International Finance Corporation (IFC) is a member of the World Bank Group, dedicated to the private sector.