Portugal’s EDP and Angola’s Sonangol join forces to invest in Angola

23 July 2010

Lisbon, Portugal, 23 July – Portuguese group EDP and Angola’s Sonangol are to build the first combined cycle power plant in Soyo, Angola, under the terms of a contract signed Thursday in Luanda, the Portuguese group said in a statement issued in Lisbon.

The project, whose financial advisers are Millennium bcp and Banco Privado Atlântico (BPA), is the result of a partnership between EDP and Sonangol signed in July 2009, by setting up stake-holding company EIH, which is owned by EDP, Sonangol and Banco Privado Atlântico with 30 percent each and the remaining 10 percent by FiniCapital.

According to Angolahub news agency the combined cycle power plant will represent an expected investment of 400 million euros, it will take 3 to 4 years to build, and is the first concrete result of the partnership signed by the two groups.

Sonangol is also building the first liquid natural gas (LNG) project in the country, in Soyo, northern Angola. (macauhub)