Copperbelt Energy Corporation which through its wholly owned subsidiary, CEC Africa Investments Limited has been developing an independent power generation project called CEC Africa SL in Freetown, Sierra Leone has announced its intention to divest from the venture.
Once constructed, the Project would have been one of the largest private sector investments in Sierra Leone to date.
Located in the Kissy Dock area, approximately 4km east of the centre of Freetown, the Project was intended to be built over 3 phases; beginning with 50MW then 39MW each for both the second and third phases.
CEC Africa with its consortium partner in the project, Abu Dhabi-based energy company TCQ Power Ltd, has entered a conditional agreement with the Project lenders to divest from the project upon reaching financial close.
The lenders include the International Finance Cooperation (IFC), the African Development Bank, CDC Group, Emerging Africa Infrastructure Fund, and FMO.
CEC Plc remains convinced of the attractiveness of the Sierra Leone project, both commercially and in terms of its developmental impact.
The firm has, however, made a strategic decision to sell its interest in the project to focus resources on other parts of its portfolio and has made certain to identify a competent and well regarded developer, with presence in many markets in Africa, to take up its interest upon exiting.