Endeavor Energy Partners with Starenergie2073 to Develop Gas-to-Power Project in Côte d’Ivoire
Songon Project to Add Approximately 375 MW to Power Sub-Saharan Nation’s Power Grid
Houston – May 27, 2015 – Endeavor Energy, a privately owned independent power development and generation company backed by leading energy-focused global private equity firm Denham Capital, announced today that it has entered into a Joint Development Agreement (JDA) with Starenergie2073 to develop the Songon Gas-to-Power project outside Abidjan, Côte d’Ivoire.
Songon, a greenfield power project, will consist of approximately 375 MW of combined cycle power generation with an integrated fuel solution featuring a purpose-built liquefied natural gas (LNG) import infrastructure and a floating storage and regasification unit (FSRU).
“Côte d’Ivoire, like many other Sub-Saharan countries, is in need of energy to sustain and propel its rapidly growing economy,” said Sean Long, CEO of Endeavor. “The development of Songon will add much needed generation capacity to the country’s IPP thermal fleet. In addition, its LNG importation infrastructure will allow Côte d’Ivoire to develop new power generation projects utilizing an environmentally friendly energy source.”
Endeavor will own a majority of the project equity, and will provide construction management, fuel management, and commercial management services. Starenergie2073, a local independent power producer, has been instrumental in progressing the project and obtaining key project agreements. The Songon project is expected to reach financial close in December of 2015.
Having launched the Ghana 1000 project in 2014, Endeavor’s Songon project is its second African gas-to-power project featuring a LNG import infrastructure and FSRU. Earlier this year, the Ghana 1000 consortium agreed to a supply term sheet with Shell and entered negotiations for long-term supply agreement for LNG.
About Endeavor Energy
Endeavor Energy is a privately held international independent power producer (IPP) company, headquartered in Houston, Texas, focused on developing and investing in power generation facilities in Africa. Endeavor Energy is led by a seasoned management team with extensive IPP experience around the world, and a proven record of identifying and executing on project development and acquisition opportunities in Africa and elsewhere. With the financial backing of energy-focused global private equity investor Denham Capital, the company possesses significant financial and operational capability to generate and participate in multiple power development projects in Africa. Endeavor Energy is also a sponsor of the U.S. government’s Power Africa initiative. For additional information, please call +1 (281) 369-5908 or email us at contact.us@endeavor-energy.com. For more information about Endeavor, visit www.endeavor-energy.com.
About Starenergie2073
Starenergie2073 is an Independent Power Producer (IPP) that is currently developing the 375 MW combined cycle power station of Songon in Abidjan, Cote d Ivoire. The company started as an initiative from private local business people who believe that Africa’s future is dependent on strong local private entities and a reliable energy source. For more information about Starenergie2073, visit www.Starenergie2073.co.
About Denham Capital
Denham Capital is a leading energy and resources-focused global private equity firm with more than $7.9 billion of invested and committed capital across seven fund vehicles and offices in London, Boston, Houston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving power generation, oil and gas, and mining, across the globe and all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.
Media Contact:
Sylvester Palacios
Pierpont Communications
(On Behalf of Endeavor Energy)
T: +1 512-448-4950
E: spalacios@piercom.com
