Africa Biz Construction and Business News
Gabon Confirms Chinese Investment In Major Hydro Power Project
September 8, 2018
It is now official that Chinese energy firm Tebian Electrical Apparatus (TBEA) will be investing in a new 70MW hydroelectric power project in the country.
The new hydro power facility, known as FE2, will be built in Gabon’s northern region, bordering Equatorial Guinea and Cameroon. It is needed to support planned diversification of the country’s industry. Gabon is currently best known as one of the world’s biggest suppliers of manganese. It is also a major oil supplier with production of approximately 200,000 barrels of crude each day.
According to Liban Soleman, general coordinator of the Bureau of Coordination and Planning for an Emerging Gabon, the prospects for the diversification are good. He noted in a recent interview that China has been posting significant new foreign direct investment in the country in multiple ways. He cited as an example Jiangsu Wanlin Modern Logistics Co., which recently invested over $50 million to build a high-quality furniture factory in Gabon’s capital of Libreville.
The new hydro power project’s $209 million price tag will be shared jointly between TBEA and Gabon’s sovereign wealth fund. The exact amount TBEA is investing has not been disclosed.
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