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General News of Saturday, 23 April 2016

Source: businessincameroon.com

Platinum Power equips Cameroonian subsidiary with FCFA 1 bln

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FCFA one billion. This is the capital of the subsidiary just created in Cameroon by the Moroccan company Platinum Power, who is leading the project for the construction of a hydroelectric plant with a capacity of 400 MW in the town of Makay, located in Central Cameroon.

According to the legal notice on the creation of the Cameroonian subsidiary of Platinum Power, published in the newspapers on April 19, 2016, the purpose of this company managed by Nabil Saimi is “the conception, development and installation of electrical power plants”.

The establishment of Platinum Power in Cameroon should boost the Makay project, on which agreements were signed with the government in July 2015. This investment of a total amount of FCfa 500 billion (800 million Euros) will enable the expansion by 30% of the installed capacities in the country (1,200 MW), thanks to the production of “over 1,600 GWh/year, which will translate into access to electricity for an additional 6 million people”.

With a majority shareholding from the American investment fund Brookstone Partners, located in New York, Platinum Power has branches in Morocco, Côte d’Ivoire, Cameroon and Senegal, with we learned, “a pipeline of close to 1,000 MW worth of hydroelectric, wind and solar power projects”.

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