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DBSA Commits US$4.9m of Development Funding to Bumbuna II

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As Joule Africa enters the final stages in developing the Bumbuna II 143MW hydropower project in Sierra Leone, the Development Bank of Southern Africa (DBSA), one of Africa’s leading development finance institutions, has committed US$4.9 million to finance remaining project development activities.

Mohale Rakgate, DBSA’s Group Executive for Project Preparation, commented:

“Bumbuna II is a critical energy infrastructure project for Sierra Leone which will help to reduce the country’s dependence on fossils fuels and emergency power by providing affordable baseload power for Sierra Leone.

“We are impressed by the professional manner in which Joule Africa and its local company, Seli Hydropower, are project managing the numerous workstreams involved in developing this hydropower project which will provide much needed, guaranteed, all year-round electricity to the citizens of Sierra Leone.

“By providing development capital to the Bumbuna II project at this important time, as well as being a prospective senior lender to the project, we are helping to facilitate the bankability and ultimate success of this project. The development of the energy sector is critical to the socio-economic growth of Sierra Leone and is a key element for future planning in a country at the crossroads of major industrial investments.”

Andrew Cavaghan, Executive Chairman of Joule Africa Limited, added:

“We are pleased to have the support and endorsement of DBSA as we progress the project towards financial close.  DBSA’s funding and ongoing support comes at a critical time when our team is focused on completing the remaining activities so that the construction of this landmark project can get underway.”