French energy giant EDF and the World Bank are to join the government of Cameroon in funding a billion euro ($1.2 billion) hydroelectric plant, slated to cover up to one third of the west African country's electricity needs. Natchigal hydro power company (Nhpc) has a 35-year lease to run the facility in the town of the same name, some 65 kilometres (40 miles) from the capital Yaounde, Cameroon broadcaster Crtv said.
The deal is the fruition of a framework agreement drawn up last year for the 420-megawatt plant, construction of which is due to start in October, and is expected to come on stream from 2021. EDF is taking a 40 percent stake in the venture, with the World Bank's International Finance Corporation and the Cameroonian government both taking 30 percent of shares in the project on the Sanaga River.