New Genesis 360MW Power Project To Provide Over 30% Of Benin's Current Electricity Demand

London 1^st December 2015: Genesis Energy “Genesis”, the energy group based in London, today announced the launch of a 360MW multiple gas fired power project valued at US$190 million, which will provide over 30% of the Republic of Benin's current electric power supply capacity.

The project will commence with a 120MW power plant capacity, to be deployed on a fast track basis and will be on the back of a long term power purchase agreement without financial contributions from the government.

The Genesis power project investment is a major boost to the socio-economic development of the Republic of Benin. It is being jointly implemented by Genesis, in partnership with General Electric "GE", Cummins Co-Gen UK "CUMMINS" and Engro Corporation "ENGRO", all of whom are in long term strategic partnerships with Genesis.

His Excellency, Thomas Yayi Boni, President of the Republic of Benin, said at the signing ceremony: ‘’Genesis’ team and the government have done a very good job in helping us to achieve the signing of this Power Purchase Agreement (PPA). This agreement is very important for the government since it is in line with the Ministry of Energy’s National Energy Emergency Program, which has been researching sources of renewable energies. They have promised the people of Benin to provide every community and village with efficient and sustainable power to make up for previous power deficits.”

The government has made several concession agreements with power companies with resources of natural gas, hydro and solar energy, and Genesis is among these.

This investment will increase job prospects, as well as boosting revenue and economic activity in the country. Genesis will also directly employ and train a number of Beninoise people, right from the construction stage. Improvements in technology will also enhance the country’s technical capability.

Akinwole Omoboriowo II, CEO of Genesis said: “We are very excited by the final signing of this project, which started over a year ago and we will make sure that the benefits of clean electric power in the 120MW first phase of our investment is achieved within the shortest time possible.

“We sincerely look forward to serving the good people of Benin by lighting up substantial numbers of communities across the country with reliable, competitive and clean electric power and in line with our Vision of Lighting Up Africa One Community at a time”.

Spero Mensah Ph.D, Benin’s Minister of Energy, said: “I would like to thank Genesis for helping us to secure investments amounting to over US$190 million to build these power plants, at no cost to the Benin government. We will, of course, undertake to buy the electric power produced in these plants.

The Genesis investment is a key strategic development for the government to create special Economic Zones such as "Free Trade Zones" where uninterrupted, qualitative, competitive and sustainable electricity will be made available to stimulate serial investments in the real sectors of the economy.

The Genesis investment partners will deploy high efficiency gas turbines, manufactured by General Electric “GE”, and gas engines manufactured by CUMMINS, used in their other joint investment projects in various locations. It will help us to guarantee efficient, reliable, competitive and sustainable electric power supply from our power plants.”

The electricity produced will be going directly to the National Grid of Benin and under the administration of the Société Beninoise d'Energie Electrique (SBEE) for distribution to all parts of the country, including households, industries, commercial enterprises and all other classified customers of the SBEE.

Benin’s power sector is well regulated by laws in force in the country guiding foreign direct investments, and the sector has institutions such as the Société Beninoise d'Energie Electrique (SBEE) and Communaute Electrique du Benin (CEB).

On completion, the 360MW power project will substantially increase the country’s current electric power supply, while also attracting more global investors into Republic of Benin.