Angola formally authorizes investment in 26-MW Luapasso

The government of Angola has published formal authorization of an investment program to build the 26-MW Luapasso hydroelectric project in Luapasso region of northeastern Luanda Norte Province.

State-run Angola Press said the government published in the State Gazette a resolution authorizing the National Electricity Firm to establish with Escom Mining Energy Ltd. a joint venture, Hidroluapasso SA. The venture is to exploit and own rights of concession of an electrical system in Luanda Norte.

The minimum investment is estimated to be US$120 million, with US$1.75 million to establish capital of the joint venture and US$118.25 million to fund the start of activity and expenses of the hydroelectric system, Angola Press said. Escom is to provide financing to start the activity and pay all expenses of the project.

The first phase of the project is to total 12.8 MW, which will serve the region’s mining industry, with the remainder to be distributed to surrounding residents.

The Cabinet last year approved a private investment contract with Hidroluapasso SA, which was to be signed by the national private investment agency, Agencia Nacional para o Investimento Privado, for the government and by Escom Mining Energy. (HNN 10/11/07)

Angola’s Ministry of Energy and Water Affairs says Angola must build new hydroelectric projects as well as rehabilitate existing facilities. Angola uses only 4 percent — 790 MW — of its 18,000 MW of estimated hydropower potential.

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