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General News of Wednesday, 24 December 2014

Source: Cameroon Tribune

Gov't engages Indian firm to develop renewable energy

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Development Director of Signature Group Capital Partners, Vikas Bhatnagar, on Tuesday December 23, 2014, signed four Memorandums of Understanding (MoUs) in view of carrying out the feasibility studies.

The government of Cameroon has gone into partnership with Signature Africa Venture Limited, part of a Dubai-based investment holding company, Signature Group Capital Partners, for the outfit to carry out feasibility studies across the country in view of developing diverse renewable energy sources.

Energy and Water Resources Minister (MINEE) Basile Atangana Kouna and the Business Development Director of the Indian firm, Vikas Bhatnagar, signed four Memorandums of Understanding (MoUs) in Yaounde yesterday December 23.

These include studies for developing a rural electrification project, construction of a biomass electricity development pool and a solar energy pool as well as mini hydroelectricity plants in some regions of the country on the Build, Operate and Transfer (BOT) mode.

Speaking to reporters after the ceremony, Vikas Bhatnagar said Signature Africa Venture Limited will by the MoUs bring its strong team of experts to start off studies as early as January. “All these will be at our cost. Our technical team will be here to carry out the studies and we are fully ready to put our manpower and resources here.

Renewable energy is the most cost-effective energy source which can be used without any disruption in the country,” he said. Vikas Bhatnagar sounded upbeat that with experience the company has acquired elsewhere especially with the development of a biomass project in Mozambique, effectively carrying out the studies for an optimal execution of the different projects capable of bridging the electricity demand/shortfall in the country, will be their priority.

“Signature Africa Venture Limited is promoted by Signature Group Capital Partners and we are involved in investments and project development. We take up projects in different countries based on the need of the country and we liaise with the government to see how we can add value to meet development needs,” he added.

Lauding the company, Minister Atangana Kouna pledged government’s determination to give the firm all needed support for efficient win-win investments in the renewable energy sector. He said a follow up committee will be put in place to oversee the effectiveness of the project.

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