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Equatorial Guinea and the Chinese companies CMEC and Beijing Weineng have signed a framework contract providing for a private investment of US$750 million to build a 500 MWp photovoltaic power plant.
The Vice President of the Republic, responsible for National Defence and Security, H.E. Teodoro Nguema Obiang Mangue, welcomed the choice of Equatorial Guinea for this initiative as a sign of confidence in the country’s stability, the strength of its institutions and the Government’s efforts to encourage private investment.
According to the announced projections, completion of the project will double the country’s electricity generation capacity, laying the foundations for industrialisation, economic growth and wealth creation.
The initiative is expected to create more than 1,500 direct jobs during construction and 300 permanent jobs during operation. It also includes a technology transfer and training programme for young Equatoguinean professionals, aimed at strengthening national capabilities in the energy sector.
The signing of this framework contract marks an important step towards the development of the project and strengthens cooperation between Equatorial Guinea and the participating companies in renewable energy.
H.E. Nguema Obiang Mangue stressed that political will, institutional stability and trust between the State and the private sector are essential pillars for turning major investment initiatives into tangible opportunities for development and public well-being.
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