Private equity-backed Endeavor Energy, Joule Africa to construct USD500 million power project
Endeavor Energy today said that it has entered into a joint development agreement (JDA) with Joule Africa to construct the USD500 million Bumbana Phase II Power Project. Endeavor Energy is a privately held independent power project (IPP) company based in Houston, Texas. It is backed by energy-focused global private equity firm Denham Capital.
According to Sierra Express Media, Endeavor Energy and Joule Africa will develop and construct the hydroelectric power project in Sierra Leone. The Bumbana Phase II Power Project would add 202 megawatts to the existing 50 megawatts at Bumbana Phase I.
In a statement, Endeavor Energy said that the completion of the project would provide much needed low-cost power generation to the citizens of Sierra Leone.
Bumbana Phase II is Endeavor Energy's first project conceptualized in June. It received USD100 million in its venture funding round from Denham Capital's USD3 billion Fund VI, according to its profile on CrunchBase.
Under the agreement, Endeavor Energy had also agreed to finance the remaining development costs for the project. The IPP company projected to invest up to 75% of the project's equity at the close of the fiscal year, which is estimated to be up to USD150 million, said Sierra Express.