China to invest in US $209m Gabon hydro power project
Chinese energy firm Tebian Electrical Apparatus (TBEA) is set to invest in a $209m hydro power project in Gabon alongside the West African country’s sovereign wealth fund.
Liban Soleman, general coordinator of the Bureau of Coordination and Planning for an Emerging Gabon confirmed the reports and said that constructions works on the project are set to begin soon with the first phase projected to produce 70MW power generation capacity.
The hydro power project dubbed FE2 will be located in the north of Gabon bordering Cameroon and Equatorial Guinea and will also be carried out in multiple phases adding that the Soleman, chairperson for Gabon’s National Agency for Investment Promotion stated the country is striving to diversify its economy, which is projected to grow by around 2.2% this year.
“There is a lot of foreign direct investment happening in Gabon from Chinese companies such as US $50m to US $100m progressive investment by Jiangsu Wanlin Modern Logistics Co., which has started building a factory to make high-quality furniture in Gabon’s capital, Libreville ,” often in special industrial zones, Soleman said.
Gabon prides itself a the world’s biggest producers of manganese and, being a member of Opec, the country pumps an estimated 200 000 barrels of crude oil per day