Endeavor Energy’s Songon Power Project in Côte d’Ivoire in Advanced Stage Development with Starenergie 2073
Project to Add Approximately 375 MW to Sub-Saharan Nation’s Power Grid
Houston – February 17, 2016 – Endeavor Energy, a leading independent power development and generation company in Africa, announced today it has significantly advanced the Songon Power Project in Côte d’Ivoire it is developing with local independent power producer Starenergie 2073 and forecasts a financial close by the end of the thirdquarter of this year.
The Songon Power Project is a multi-phase combined cycle power generation project with an integrated fuel solution featuring a purpose-built liquefied natural gas (LNG) import infrastructure and a floating storage and regasification unit (FSRU). First phase will be 375 MW. Endeavor entered into a joint development agreement with Starenergie 2073 and its shareholders last year, wherein Endeavor controls a majority interest in Starenergie 2073 and is leading the development of the project. Since then, the company and its partners have significantly advanced the project with the site secured; local environmental approvals obtained and advanced discussions underway with the Government of Cote d’Ivoire on the importation of LNG for the project. The environmental and social impact assessment for the power plant has been approved. Endeavor has initiated the environmental assessment for the transmission line and LNG infrastructure which will be completed by the second quarter of this year. Endeavor will issue a request for proposals to supply engineering, procurement and construction for the project before the end of the first quarter of this year.
“Côte d’Ivoire under the leadership of President Ouattara is doing exceptionally well and has created a very attractive investment climate for private investment,” said Sean Long, CEO of Endeavor. “We are extremely excited about the Songon Project, which will add much needed generation capacity to the country’s IPP thermal fleet as well as provide reliable fuel supply for the project.”
Endeavor intends to begin pre-construction work on the site by the end of the second quarter of this year. It will further provide construction management, fuel management, and commercial management services for the project. Backed by leading energy-focused global private equity investor Denham Capital, Endeavor is supported by US government lead “Power Africa” in its efforts to complete the Songon Power Project.
“Endeavor is pleased to have significantly progressed the Songon Power Project,” added Amadou Ba, Managing Director at Endeavor Energy. “While Côte d’Ivoire’s efforts to bolster its power generation capacity have made it a leader amongst its Sub-Saharan African peers, we understand that the country needs projects like Songon which will utilize an environmentally friendly energy source to maintain this position and help further propel its rapidly growing economy.”
About Endeavor Energy
Endeavor Energy is a 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, 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 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 email@example.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 more than $8.4 billion of invested and committed capital across seven 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 power generation, oil and gas, and mining, across the globe and all stages of the corporate lifecycle. 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.
(On Behalf of Endeavor Energy)
T: +1 713-627-2223