US$750 M for Bumbuna Phase II
The Liaison officer of Joule African Investment, Patrick Olu Beckley, has told sections of the press that his company and the Government of Sierra Leone have signed a memorandum of understanding in the enhancement of the completion of the Bumbuna Phase II project.
He made this disclosure Thursday 26 May, 2011 at the weekly government press briefing at the conference room of the Ministry of Information, Youyi Building, Freetown.
The company’s liaison man laid emphasis on the proposed investment of US$750 million for a period of five years to foster the completion of the Bumbuna phase II project by 2017.
He said at the completion of the said project, Sierra Leone will receive a competent 400 Mega watts supply of electricity nationwide.
He further said that the company intends spending US$3.5 million in the next six months for pre-feasibility studies.
It is revealed also that in the next two weeks, a bond totaling US$1 billion will be deposited into Government’s account to showcase Joule African Investment Company’s commitment to the swift adherence of stipulation for the completion of the project within the agreed term of five years.
He however told the press that failure to meet to the stipulated time of completion agreed upon renders his company forfeiture of US$1 billion deposited into government’s account.
“The company will be using its own funding for the project. It is our determination to bring reliable electricity supply to the people of Sierra Leone,” he said.
He furthered that the first team of Engineers will arrive in the country on the 16th of June to conduct feasibility studies.
He said a new reservoir will be constructed to feed the dam so as to avoid the rise and fall of electricity during the dry and rainy seasons.
By Ibrahim Sahid Kamara
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