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Angola: Government Formalises "Luapasso" Hydroelectric Project
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Angola Press Agency (Luanda)
19 April 2008
Posted to the web 21 April 2008
Luanda
The government has formalised, through a publication in the State Gazette of last March 26, the "Luapasso" hydroelectric investment project, based on the construction and prospecting of an integrated system of electrical energy in the north eastern provinces of Lunda Norte and Lunda Sul.
This information in contained in the resolution nº 23/08 of the Cabinet Council, published in the 1st Series nº 55 of the State Gazette, which was made available to ANGOP this Saturday.
The referred resolution authorises the National Electricity Firm to establish with the Escom Mining Energy (British), a society through Angolan shares, with joint capitals, dubbed "Luapasso Hydroelectic", and having a social goal of exploring the rights of concession of an electrical system in Lunda Norte, as well as being the owner of the referred concession rights.
Minimum investment value under the current contract is of USD 120 million, being USD 1.75 million for the establishment and participation in the capital of the concessionary and USD 118,25 million to fund the start of the activity and the expenses with the hydroelectric system, as well as the respective prospecting.
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Escom Energy shall grant the concessionary, during the lifetime of the contract, with the financing necessary for the establishment and start of activity, without harming the obligations of the National Electricity Firm, and the payment of all the expenses of the referred project, as well as the start of the respective hydroelectric prospecting.
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