Portuguese firm to invest 85 million euros in Angolan hydros

16 October 2007

Luanda, Angola, 16 Oct – Escom of Portugal announced Monday that it will invest nearly 85 million euros to build, repair and manage a hydroelectric network based on three dams in Angola.

The Hidroluapasso project in the province of Lunda Norte involves an initial construction of a hydroelectric dam at Samuela and a distribution grid for local industry and towns. The twin-generator hydro has a projected generating capacity of 12.8 megawatts.

The project also involves connection to the national grid of Angola’s ENE state power utility at the Lucapa substation, as well as building of a new substation at Luo.

Escom is part of the Espirito Santo group’s sub-holding, Espirito Santo Resources, which controls investment of the company in non-financial areas.

The Portuguese group is currently one of the largest private investors in Angola and also operates in the Congo Republic. It supplies services too in South Africa and Mozambique.

Escom participates in various Angolan diamond mining ventures with international partners, such as Endiama, Alrosa and BHP Billiton.

In the real estate sector, Escom is building the Espirito Santo building in Luanda in an investment of US$ 115 million. The company plans new projects in Angola’s capital and the port of Soyo. (macauhub)