Russian power plant builder Technopromexport has formed a joint venture with Libya African Investment Portfolio of Libya to build power plants in Africa, including a 300-MW hydroelectric project in Uganda.
Technopromexport said November 20 the parties signed an agreement establishing Laptechno-Power as a follow-up to a visit to Libya by Russian Prime Minister Vladimir Putin.
The joint venture is to build and operate energy projects on a turnkey basis in Libya, Uganda, Ghana, Algeria, Egypt, Namibia, and Yemen. Libya African Investment Portfolio is to provide financing for the venture with a fund of US$6.7 billion.
Technopromexport said the first priority for the venture will be construction of a 1,250-kilometer, 400-kilovolt transmission line in Libya and the construction of a 300-MW hydroelectric project on the Nile River in Uganda. Technopromexport said it already has performed topographic studies and engineering design for the transmission line.