TIDMSAVE
RNS Number : 3625G
Savannah Energy Plc
29 March 2022
29 March 2022
Savannah Energy PLC
("Savannah" or "the Company")
Agreement signed with Niger Government for country's first wind
farm
Parc Eolien de la Tarka expected to be one of the largest wind
farms in Africa
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter in Africa, is
pleased to announce its inaugural renewable energy project, having
signed an agreement ("the Agreement") yesterday with the Ministry
of Petroleum, Energy and Renewable Energies of the Republic of
Niger for the construction and operation of the country's first
wind farm, with a proposed installed power generation capacity of
up to 250 megawatts ("MW") on an independent power producer ("IPP")
basis in the Tahoua Region of Southern Niger(the "Project").
The proposed wind farm project, Parc Eolien de la Tarka, is
expected to be owned by a subsidiary of Savannah, Savannah Parc
Eolien de la Tarka ("SPET"), and to consist of up to 60 wind
turbines with a total power generation capacity of up to 250 MW.
The initial phase of the Project will see SPET carry out a24-month
feasibility study which will include an assessment to confirm the
wind conditions and an assessment as to how the generated power
would be incorporated into the national and regional electricity
grids. The project is expected to take advantage of the development
of the West African Power Pool ("WAPP"), a high voltage
interconnection network allowing power exchanges between countries
in the region and increased grid stability. Niger is scheduled to
be connected to the WAPP in 2023 via a 330 kV line financed by the
World Bank, the African Development Bank ("AdB"), the European
Union and the Agence Française de Développement (AfD").
Subject to the planned feasibility study confirming the ultimate
scale of the Project, Parc Eolien de la Tarka is expected to
produce up to 600 gigawatt hours per year of electricity. The
construction phase of the Project is expected to create over 500
jobs, while the Project has the potential to reduce the cost of
electricity for Nigeriens and avoid over an estimated 400,000
tonnes of CO(2) emissions annually [1] . Parc Eolien de la Tarka is
also intended to be capable of exporting power to neighbouring
countries at competitive tariffs and would significantly diversify
Niger's energy mix. The Project is expected to be sanctioned in in
2023, with first power generation in 2025.
Savannah expects to fund the Project from a combination of its
own internally generated cashflows and project specific debt.
Sani Mahamadou, Minister of Petroleum, Energy and Renewable
Energies, of the Republic of Niger, said:
"I am delighted to announce our plans today for the development
of Parc Eolien de la Tarka. This is a truly transformational
project for Niger, potentially increasing the country's on-grid
power generation capacity significantly. Such a project is expected
to stimulate a significant increase in economic activity across our
country, directly and indirectly creating thousands of jobs over
the course of the next decade.
Today's announcement follows His Excellency President Mohamed
Bazoum's undertaking at COP 26 last year to develop significant new
green sources of energy for Niger. It once again demonstrates the
seriousness to which the Government of Niger takes the commitments
we make to the international community. I would also like to thank
Savannah - a long-term investment and operating partner for Niger -
for proposing and creating this project and state that our
Government will provide Savannah and their financing partners our
full support to enable this project to deliver first wind power for
Niger by 2025."
Andrew Knott, CEO of Savannah Energy, said:
"Savannah is passionately focused around delivering Projects
that Matter in Africa. Parc Eolien de la Tarka is a prime example
of our vision in action. The independent studies conducted to date
indicate the Tahoua region of Niger to have a world class wind
resource. The Project is expected to harness this resource and
generate highly competitive, clean, indigenous power for Niger.
Parc Eolien de la Tarka will see the country's on-grid power
generation capacity potentially increase by over 40%. Academic
study after academic study has shown the relationship between power
consumption, income levels and life expectancy to be well
understood: the higher a country's per capita power consumption,
the higher both GDP per capita and human life expectancy are
expected to be. Parc Eolien de la Tarka is therefore a critical
project for the development of Niger, which we expect to make a
significant contribution to improving the lives of its people.
I would like to thank the Government of Niger, and Minister Sani
Mahamadou in particular, and the iger National Utility Company,
NIGELEC, for the strong support we have received in bringing our
vision of the Parc Eolien de la Tarka to life. We look forward to
working with the Government and our developmental finance partners
over the course of the coming years as we move through the
feasibility and construction phases of the project to our intended
first wind date in 2025.
Parc Eolien de la Tarka represents the first of several large
scale greenfield renewable energy projects that Savannah expects to
announce over the course of the next 12 months."
For further information, please refer to the Company's website
www.savannah-energy.com or contact:
Savannah Energy +44 (0) 20 3817 9844
Andrew Knott, CEO
Nick Beattie, Interim CFO
Sally Marshak, Head of IR & Communications
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker)
Christopher Raggett
Tim Redfern +44 (0) 20 7220 0500
Panmure Gordon (UK) Ltd (Joint Broker)
John Prior
Hugo Rich
James Sinclair-Ford +44 (0) 20 7886 2500
Camarco +44 (0) 20 3757 4983
Billy Clegg
Owen Roberts
Violet Wilson
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
About Savannah Energy:
Savannah Energy PLC is an AIM listed British independent energy
company focused around the delivery of Projects that Matter in
Africa and is active in Cameroon, Chad, Niger and Nigeria.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com .
[1] Calculation based on European Investment Bank (EIB) Project
Carbon Footprint Methodologies, Methodologies for the Assessment of
Project GHG Emissions and Emission Variations, July 2020.
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