Aga Khan Fund, Blackstone Seek to Build East African Power Plant
By Fred Ojambo - Aug 6, 2013 3:13 PM GMT+0300
The Aga Khan Fund for Economic Development SA said it has joined with Blackstone Group LP (BX) to bid for construction of a 147-megawatt hydro power plant to be shared by Rwanda, Burundi and the Democratic Republic of Congo.
Industrial Promotion Services Kenya Ltd., an affiliate of the Aga Khan Fund, and Blackstone through its Sithe Global Power LLP unit are in talks with the three governments, Kevin Kariuki, head of infrastructure at IPS, said yesterday near Jinja, 50 miles east of the Ugandan capital, Kampala.
The $600 million project is planned to be situated on the Ruzizi River at the intersection of the borders of the three countries. Sithe and IPS jointly own Uganda’s $900 million, 250-megawatt Bujagali hydropower plant, which reached full capacity last year.
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