Category: Press

Tè Power Project Achieves Commercial Operations

The Tè Power generation facility will deliver stable baseload power to Guinea and improve power access for over 800,000 people

Conakry, Guinea – 22 December 2020 – The Tè Power Company S.A.S.U. (TPC) today announced that its 50-megawatt thermal power plant reached commercial operations on November 24, 2020. The Tè Power Project (the Project) is the first power project in Guinea to be financed by international sponsors – Endeavor Energy Holdings LLC (Endeavor) and development finance institutions, the U.S. International Development Finance Corporation (DFC) and CDC Group PLC, the U.K.’s publicly owned impact investor (CDC).

Endeavor, an Africa-focused independent power generation company backed by global private equity firm Denham Capital, acted as the lead developer, sponsor and majority owner of this greenfield development project. Endeavor’s minority co-sponsor in the Project is Energie, Environnement et Mines S.A. (E2M), a Mauritanian mining and power company.

The Project meets the most stringent national and international environmental requirements, including those of the World Bank and IFC and is specifically designed to help alleviate the power deficit in Guinea, a country with an ambitious renewable energy agenda and largely seasonal hydroelectric power generation. The Project created more than 400 direct jobs (majority Guineans) during the construction of the facility and will provide ongoing employment for more than 80 people, including 70 Guineans, now that it is operational.

“I would like to extend a warm thanks on behalf of Tè Power to the Government of Guinea and to all of our project partners for their support and perseverance in bringing the project to the commercial operations stage,” said Amadou Ba, President of Tè Power Company S.A.S.U. “With the successful construction of the Project, our focus will now be on safe and reliable operation of the plant to supply stable power to the national grid. With the culmination of this first step in Endeavor Energy’s commitment to Guinea’s power sector, we look forward to deepening our partnership with the Government of Guinea and delivering renewable power solutions for the people of Guinea.”

“Guinea continues to make great strides to strengthen its power sector whilst at the same time creating an investor-friendly environment for international investors,” stated Sean Long, Founder and Chief Executive Officer of Endeavor. “Once again, we would like to reiterate our gratitude to the Government of Guinea for its support to help Tè Power navigate through the COVID-19 Pandemic to successfully complete the construction of this state-of-the-art power generation facility. I would also like to thank our lending partners, including DFC and CDC, for their deep commitment and flexibility during the various challenges Tè Power encountered during this pandemic and to Shanahan Construction.”

Justin DeAngelis, Partner at Denham Capital added: “Today’s announcement is further evidence of Endeavor’s outstanding track record of success in the power development sector and adds yet another milestone in our shared vision to realize the full value embedded in African power markets. We are excited to build on this success in Guinea and to help reduce the cost of power nationally.”

Edward Burrier, Executive Vice President, Strategy at DFC, commented: “This groundbreaking project will dramatically increase the supply of electricity needed to power Guinea’s economy forward. The success in mobilizing capital to develop and bring this power plant to commercial operation speaks to the power of development finance to make a meaningful impact in the developing world.”

Iain Macaulay, Director and Head of Project Finance at CDC, said: “We are proud of our involvement in such a critically important infrastructure project, which underlines our commitment to alleviating energy poverty – a key development goal for CDC. ”

For more information about the Tè Power Project, please visit www.tepowercompany.com.

Notes to Editors

About Endeavor Energy

Endeavor Energy is a leading Africa-focused independent power producer (IPP) company headquartered in Houston, Texas, USA with global offices in Cote d’Ivoire, Ghana, Guinea and United Arab Emirates. Backed by Denham Capital, Endeavor Energy develops, acquires, finances, owns and operates integrated thermal, hydroelectric, biomass, waste-to-energy, solar, wind and “hybrid, first-of their-kind” power generation plants in Africa.

Since its founding in 2013, Endeavor Energy has become a leading power generation and development company focused on providing customized energy solutions for individual country needs in Africa. Endeavor has an extensive development pipeline of projects across the continent, nearly 700MW of projects in various stages of construction and an established track record as an international lender-approved project developer and investor. Endeavor has catalyzed over $1.1 billion of investment to date with an additional $500 million to be invested in Stage 2 of the Bridge Project. Endeavor continues to invest in the development of unique integrated power generation projects. With the financial and strategic backing of energy- focused global private equity investor Denham Capital, the company possesses significant development, financial and operational capability to generate and participate in multiple complex integrated power projects in Africa. Endeavor Energy is also a sponsor of the U.S. government’s Power Africa initiative. For additional information, please call +1 (281) 369-5908 or email us at contact.us@endeavor-energy.com. For more information about Endeavor, visit www.endeavor-energy.com.

About Denham Capital

Denham Capital is a leading energy and resources-focused global private equity firm with $10.0 billion of invested and committed capital across eleven fund vehicles and offices in London, Boston, Houston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving international power, oil and gas, and mining, across the globe. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

About E2M

Energie, Environnement et Mines (E2M) is an energy-focused project developer and consulting company founded by Mauritania’s former oil, energy and mines minister (Taleb Ould Abdivall). For more information about E2M, visit www.edeuxm.com/en.

About the US International Development Finance Corporation (DFC)

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About CDC Group plc

CDC Group is the UK’s impact investor and development finance institution with over 70 years of experience of successfully supporting the sustainable, long-term growth of businesses in South Asia and Africa.

CDC is a leading player in the fight against climate change and a UK champion of the UN’s Sustainable Development Goals – the global blueprint to achieve a better and more sustainable future for us all.

The company has investments in over 1,200 businesses in emerging economies and a total portfolio value of £5.8bn. This year CDC will invest over $1.5bn in companies in Africa and Asia with a focus on fighting climate change, empowering women and creating new jobs and opportunities for millions of people.

CDC is funded by the UK government and all proceeds from its investments are reinvested to improve the lives of millions of people in Africa and South Asia.

CDC’s expertise makes it the perfect partner for private investors looking to devote capital to making a measurable environmental and social impact in countries most in need of investment.

Media Contact:

Thomas Pigott
(on behalf of Denham Capital and Endeavor Energy)
M: +44 (0)7976 864792
T: +44 (0)20 3727 1116
E: thomas.pigott@fticonsulting.com

Endeavor Energy Achieves Financial Close on $121 Million Tè Power Plant in Guinea

Project will improve power access for over 1,000,000 people and create up to 150 jobs

Conakry, Guinea – 27 March 2018 – Tè Power Company S.A.S.U. (TPC) today announced that it has reached financial close and begun construction of the $121 million Tè Power Plant (the Tè Project), a 50-megawatt greenfield thermal power plant in Conakry, Guinea. The Tè Project will be the first internationally development finance institution project-financed independent power project in Guinea and meets the most stringent local and international (World Bank/IFC) environmental requirements.

The Tè Project is sponsored by Endeavor Energy (Endeavor), as the lead developer and majority owner. Endeavor is a leading Africa-focused independent power company backed by global private equity firm Denham Capital. Endeavor’s minority partner in the Tè Project is Energie, Environnement et Mines S.A. (E2M), a Mauritanian mining and power company.

“I would like to extend a warm thanks on behalf of Tè Power Company to the Government of Guinea and to all of our project partners for their continuous support and dedication in bringing this project to fruition,” said Amadou Ba, President of Tè Power Company S.A.S.U. “The Tè Project is fully aligned with Guinea’s national economic and social development goals and represents the first step in Endeavor Energy’s commitment to a growing partnership with the Government of Guinea and to delivering additional power solutions in the years ahead for the people of Guinea.”

The Tè Project is specifically designed to help alleviate the power deficit in Guinea and provide reliable power as needed to meet the country’s future power demand in conjunction with Guinea’s ambitious renewable energy agenda and seasonal hydroelectric power generation.

“Guinea has made great strides over recent years to strengthen its power sector whilst at the same time creating an environment for international investing,” stated Sean Long, Chief Executive Officer of Endeavor. “We are very pleased to be working with Guinea’s government, as well as E2M, to realise this project. I am also proud of the Endeavor team for successfully working with our committed partners to achieve financial close on the required $89 million of debt financing for the Tè Project while at the same time continuing to execute on other important power projects across the continent.”

The plant’s construction is expected to take 15 months, coming online in mid-2019, and create up to 150 jobs (majority Guineans). Further, up to 40 people will be employed during operations and once constructed, the plant will improve electricity access for over 1,000,000 Guineans.

Juergen Heeg, Director at Denham Capital, highlighted: “We’re pleased to have partnered with Guinea on this investment and proud that the Tè project has moved forward to the construction phase with our partners. The Tè Project will have a significant developmental impact in Guinea, providing low cost, reliable power, local jobs and indirect economic and social benefits, while also supporting the country’s energy transition.”

The $121 million investment required for the Tè Project comprises $32 million in equity from Endeavor and $89 million in debt financing from the Overseas Private Investment Corporation (OPIC) and CDC Group PLC (CDC). In addition, OPIC provided up to $30 million of political risk insurance.

“The Tè Power thermal plant will increase power supply by as much as ten percent and help Guinea meet its growing energy demand, which is projected to triple over the next ten years,” said Ray Washburne, OPIC President and Chief Executive Officer. “This project is a tremendous development opportunity and supports our broader effort to bring greater connectivity to Africa. It will have a huge impact in providing much needed power to help sustain the country’s development and economic growth.”

“We are proud to be financing this ground-breaking project, CDC’s first individual investment in Guinea,” added Iain Macaulay, CDC’s Head of Project Finance. “It will provide reliable power, local jobs and support broader economic development. Having a privately funded power project delivering international environmental and social standards sends a strong signal that Guinea is open to the international investing community. CDC played a valuable role in the project by providing the debt finance that commercial banks were unwilling to offer.”

The Tè Project is another achievement for the U.S. Power Africa program and its partners OPIC, Endeavor, and Denham Capital. Andrew M. Herscowitz, Coordinator for Power Africa, the U.S. government-led initiative to double access to electricity by 2030, said: “Power Africa is proud to have provided assistance to our partner Endeavor Energy and Denham Capital through the U.S. Agency of International Development and the Departments of Commerce and State, and today we congratulate them and the people of Guinea for reaching financial close on the Tè Project.”

Endeavor’s international legal adviser was Allen & Overy, while S.D. Avocats and Sylla & Partners served as Guinean legal advisors. DLA Piper acted as international legal adviser to the lenders, and Nimba Conseil served as Guinean legal advisor. Sargent & Lundy served as lenders technical advisor and CDF Ingénierie and WSP | Parsons Brinckerhoff acted as owners’ engineer. Environmental Resources Management (ERM) acted as the owners’ environmental and social consultant, while Alliant Emerging Markets served as the insurance broker and consultant.

For more information about the Tè Power Project, please visit www.tepowercompany.com.

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About Endeavor Energy

Endeavor Energy is a Denham Capital-backed leading independent power producer (IPP) company focused on Africa with its headquarters in Houston, Texas, USA and offices in Abidjan, Cote d’Ivoire, Accra, Ghana, Conakry, Guinea and Dubai, United Arab Emirates. Endeavor Energy develops, acquires, finances, owns and operates thermal, hydroelectric, biomass, waste-to-energy and “hybrid, first-of their-kind” power generation plants in Africa.

Endeavor Energy is led by a seasoned management team with over 200 years of combined IPP experience around the world, and a proven record of identifying and executing on project development and acquisition opportunities in Africa and elsewhere. With the financial and strategic backing of energy-focused global private equity investor Denham Capital, the company possesses significant financial and operational capability to generate and participate in multiple power development projects in Africa. Endeavor Energy is also a sponsor of the U.S. government’s Power Africa initiative. For additional information, please call +1 (281) 369-5908 or email us at contact.us@endeavor-energy.com. For more information about Endeavor, visit www.endeavor-energy.com.

About E2M

Energie, Environnement et Mines (E2M) is an energy-focused project developer and consulting company founded by Mauritania’s former oil, energy and mines minister (Taleb Ould Abdivall). For more information about E2M, visit www.edeuxm.com/en.

About Denham Capital

Since its founding in 2004 by Stu Porter, Denham Capital is a leading energy and resources focused private equity firm with approximately $9.3 billion of committed capital across ten institutional funds, with offices in London, Boston, Houston and Perth. Denham invests in three energy and resources sectors: International Power, Oil & Gas and Mining.  The firm sponsors entrepreneurs with the financial and other resources they need to create successful energy and resources businesses. Specifically, Denham seeks to establish long term partnerships with entrepreneurs and companies who share our vision for growth and value creation. Denham’s global investment staff has extensive energy and resources investment experience, including technical experience as engineers, operators, and business owners.  The Denham teams believes that our tactical expertise within our industry sectors coupled with a disciplined approach centered around fairness and shared success make us a strong investment partner. For more information about Denham, visit www.denhamcapital.com

Denham International Power seeks to build (and opportunistically buy) and monetize, low-cost and long-term contracted power generation assets in high-growth economies.  Denham has been executing on its International Power strategy since 2010 and currently has six active teams across 19 global offices with over 3,000MW in operation, construction or with PPAs. Senior members of our global team have been investing together for over 11 years and the entire team is comprised of 10 investment professionals with over 130 years combined experience in the Power sector.

About the Overseas Private Investment Corporation (OPIC)

The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad.

OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers. For more information about OPIC, visit www.opic.gov.

About CDC Group plc

CDC Group plc is the UK’s development finance institution.  Wholly owned by the UK Government, it invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs.  CDC has invested in Africa since 1948.  CDC takes a flexible approach and provides capital in all its forms, including equity, debt, mezzanine and guarantees, to meet businesses’ needs and achieve development impact.  CDC has net assets of £4.8bn. Find out more at: www.cdcgroup.com

Media Contact:

Emerson Clarke
(On Behalf of Endeavor Energy)
T: +44 (0) 3727 1564
E: emerson.clarke@fticonsulting.com