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
