A Globeleq company and the entity that manages the 216 MW Kribi gas plant, Kribi Power Development Corporation (KPDC) hopes to conclude a long term loan deal with International Financial Company (IFC) by 2015 to finance the expansion of the energy structure. This was revealed by authorised sources.

In order to raise the 65 billion FCFA needed to increase capacity to 330 MW, KPDC is simultaneously negotiating with local banks to open loans of credit to complete a long term loan expected from the IFC, THE World Bank entity that specialises in in private sector financing.

According to our sources, on-going negotiations with local banks should be concluded in October 2015. The same sources reveal that the deal to expand the Kribi gas plant was given to Finnish company Wartsila – one of the global leaders in energy solutions which also built the said infrastructure for a total of 173 billion FCFA.