Hydrokinetic production will be introduced in Angola over the next decade under a memorandum of understanding signed by the Minister of Energy and Water, João Baptista Borges, with the Privinvest industrial group, according to a statement sent to Macauhub.
The memorandum was signed under Angola’s 2025 Energy Security Plan, through which the government aims to reach production of 9,000 megawatts of electricity by 2025, with special priority for hydropower.
In the statement, the Privinvest group claims to be the leading producer of hydropower, a sector that it joined in 2012, with its subsidiaries Constructions Mécaniques de Normandie (CMN) and Hydroquest designing and manufacturing special turbines for use along rivers and in the sea.
Under the memorandum, Angola’s state power production company Prodel and Privinvest will set up a company in partnership that will initially be responsible for the manufacture and operation of hydrokinetic facilities in Angola.
Prodel pledged to buy all the electricity production that the partnership produces and operations are expected to start at three test sites, which have a combined output of 12 megawatts.
Palomar Capital Advisors, a subsidiary of the Privinvest group was mandated by the government of Angola to structure the financing of the project, which will be guaranteed by the Republic of Angola. (macauhub/AO)