Luanda, Angola, 26 March – Escom, a company of Portuguese group Espírito Santo, is to build the Luapasso hydroelectric dam, in the Angolan province of Lunda Norte, under the terms of a contract signed Tuesday in Luanda with the National Private Investment Agency (ANIP).
The contract, worth a total of US$120 million, includes construction of a hydroelectric system and related structures, as well as the installation of equipment for production, transport, distribution and sale of electricity between Luapasso and the Luó diamond concession.
The Luapasso hydroelectric project will have an installed capacity of 26 megawatts.
Escom Mining Energy, founded in 1993, started its business in the commercial sector, and then focused on the diversification of investments with the aim of continuing the historical connection the Espírito Santo Group had in Africa.
The group is currently one of the biggest foreign private investors in Angola and also operates in Congo-Brazzaville and also provides services in South Africa and Mozambique.
Private investments in the interior of Angola benefit from customs and tax breaks in order to encourage national and foreign investors to develop their businesses all over the country. (macauhub)