U.S. Could Finance Part Of Congo’s Grand Inga 3 Hydropower Project

U.S. Could Finance Part Of Congo’s Grand Inga 3 Hydropower Project

The U.S. has said it could help finance some of the Inga 3 hydropower project worth $12 billion in the Democratic Republic of Congo, Bloomberg reported.

Rajiv Shah, the head of the U.S. Agency for International Development, told Bloomberg in an interview on Monday, the world super power may add the Inga 3 project to a $7 billion U.S. government energy program known as PowerAfrica.

Shah said will visit Inga on the Congo River today. Congo was not included in the original Power Africa list of six sub-Saharan countries.

The world’s largest economy is working with General Electric Co. and other companies to add 10,000 megawatts in sub-Saharan Africa in the first five years of the program, President Barack Obama said in June.

Companies will contribute about $9 billion in funding to Power Africa. More than two-thirds of Africa’s population doesn’t have access to power.

The Grand Inga site, which may eventually be the world’s largest hydropower producer according to Congo’s government, will produce upto 4,800 megawatt from the Congo River.

From this, South Africa will take 2,500 megawatts of power, while copper miners in Congo’s Katanga province will take 1,300 megawatts. The remaining 1,000 megawatts will be for domestic use.

Grand Inga, which may include eight separate dams, will probably produce more than 40,000 megawatts of power through eight separate dams.

The current groups bidding for Inga 3 are made up of China Three Gorges Corp. and Sinohydro Corp.; Posco and Daewoo Corp. of South Korea in partnership with Canada’s SNC-Lavalin Group Inc.; and Actividades de Construccion y Servicios SA and Spain’s Eurofinsa Group.

Congo’s Energy Ministry wants to choose a group by July and is open to other companies joining the current groups.