Improving electricity services in Cameroon
To contribute to the sustainable development of the country
In early 2020, the public electricity service concessionaire in Cameroon ENEO audited the national grid, confirming the existence of many problems such as the decay of wooden poles or the recurrence of power outages. This is the reason why, instead of the 30 billion FCFA annually dedicated to the maintenance of the network, Eneo will devote 100 billion FCFA this time.
An amount obtained via a loan agreement signed by 8 local banks, co-arranged by the Cameroonian subsidiaries of Citibank and Societ Generale. According to Eric Mansuy, Managing Director of ENEO Cameroon, “This financing, resulting from an exceptional operation, will help meet the growing domestic demand for electricity. He will participate directly in strengthening the production tool, developing and modernizing the distribution infrastructure, as well as significantly improving customer service. We appreciate the support of the institutions of the Republic of Cameroon, which are committed to supporting and advancing the electricity sector, share our commitment and put in place enabling conditions ".
Among the projects that will be carried out thanks to this loan, Eneo intends to undertake and finalize, in certain cases, the rehabilitations of several dams in Songloulou and Lagdo or to rehabilitate the cooling system of the production groups of the hydroelectric power station of Edea. More generally, thanks to an investment plan of 195 billion FCFA, extended over the period 2020-2025, Eneo aims to expand its network so as to increase the number of people with access to electricity in Cameroon to 10 million, develop solar power by hybridizing existing thermal power stations, and strengthen the electricity grid with new, more suitable poles.
"This financing transaction by our long-standing partner Eneo embodies the raison d'être of the Societe Generale group. Given the steadily increasing demand for energy, growing industrialization and the gradual electrification of households in several regions of Cameroon, this commitment of our institution, after the Nachtigal project, underlines our firm will to contribute to the sustainable development of the country and improving the standard of living of our populations.” declared Mareme Mbaye Ndiaye, CEO of Société Générale Cameroun.
Energy is a key factor in the development of Africa, Societe Generale is the leading French bank financing infrastructure in Africa over the past 5 years.