Minister Basile Atangana Kouna and the project's partners penned the agreement in Yaounde on Thursday July 10.
The government of Cameroon and development partners involved in the multibillion Nachtigal Hydroelectric Project have signed a production concession contract which gives Electricité de France (EDF) full rights to develop the project. The agreement signed for the government of Cameroon by Water Resources and Energy Minister, Basile Atangana Kouna and representatives of the development partners renounces the powers of hitherto partners like ALUCAM and wholly empowers EDF to prepare the groundwork for the production and possible transportation of the 420 MW of electricity to be generated by the project.
The July 10, 2014 event came 24 hours after the inauguration of EDF Cameroon office. Minister Atangana Kouna said government holds the project in high esteem and the presence of EDF in Cameroon augurs well for the project and others in the long run.
According to the International Development Director of EDF, Edouard Dahome, "this agreement is a significant step because this right that we are given by the government gives us the certainty that we have all opportunities to develop the project." He said initial technical studies for the project are almost complete and "we are straight on the path that we have designed which spells out that by the end of 2015 and beginning 2016 we will be able to take the final investment decision for the project." "Everything is on track. This is a very significant project for Cameroon because at least 20 per cent of the country's energy will come from it in 2020. It has a capacity of 420 MW and will cost around 850 million dollars (about FCFA 410 billion). Part of the studies is also to see how we will mobilize the funds," Edouard Dahome added.