Africa50 and Power Grid Corporation of India Limited (POWERGRID) signed a Cooperation Agreement to partner towards the development, finance, construction and operation of power transmission lines in Kenya. This partnership will catalyze project development for the initial set of pilot projects based on a bankable public private partnership (PPP) model in line with the Government of Kenya’s vision to meet the demands for electricity access in the country.
The Agreement was signed at the Africa50 headquarters in Casablanca, Morocco by the two heads of institutions. Mr. Shri K. Sreekant, Chairman and Managing Director of Powergrid Corporation of India, said that: “POWERGRID is happy to partner with Africa50 for evaluating the opportunities for strengthening the transmission infrastructure in Kenya. POWERGRID is confident that its technical and operational expertise in high voltage transmission, combined with the project structuring and financing expertise of Africa50, can deliver long term sustainable value to Kenya and other African nations.”
Speaking on behalf Africa50, its Chief Executive Officer, Mr. Alain Ebobisse expressed that, “Africa’s transmission infrastructure needs can no longer be met by public funding alone. The right frameworks need to be created and bankable precedents set for the use of private sector capital and expertise to complement government spending. He further stated, “We are excited to collaborate with a strong partner such as POWERGRID, who bring great value with their complementary technical expertise in the transmission sector.’
About POWERGRID Corporation
POWERGRID is the Central Transmission Utility of India and a listed company headquartered in Gurugram, India. POWERGRID transmits about 50% of the total power generated in India on its transmission network transforming businesses, economies, and livelihoods. The company owns and operates about 161,490km of transmission lines, 248 sub-stations and has a transformation capacity of about 393,825 MVA.
Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50’s investor base is currently composed of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO) and Bank Al-Maghrib.