TIDMSAVE
RNS Number : 1136N
Savannah Energy Plc
27 May 2022
27 May 2022
--Savannah Energy PLC
("Savannah" or "the Company")
Agreement signed with the Government of the Republic of Chad
for
New Renewable Energy Projects of up to 500 MW
Savannah Energy plc, the British independent energy company
focused around the delivery of Projects that Matter in Africa, is
pleased to announce the signing of an agreement ("the Agreement")
with the Ministry of Petroleum and Energy of the Republic of Chad
for the development of up to 500 megawatts ("MW") of renewable
energy projects supplying electricity to the Doba Oil Project and
the towns of Moundou and Doba in Southern Chad, and the capital
city, N'Djamena ("the Projects"). A signing ceremony was held today
in N'Djamena, attended by His Excellency Djerassem le Bemadjiel,
the Minister of Petroleum and Energy of the Republic of Chad , His
Excellency Mark Matthews, Ambassador of the United Kingdom to the
Republic of Chad , Sarah Wilson, Deputy Head of Mission at the
British Embassy N'Djamena, Chad, and Andrew Knott, Chief Executive
Officer of Savannah.
Centrale Solaire de Komé
The first Project Savannah has agreed to develop comprises an up
to 300 MW photovoltaic solar farm and battery energy storage system
("BESS") located in Komé, Southern Chad (the "Centrale Solaire de
Komé"). This Project is being developed to provide clean, reliable
power generation for the Doba Oil Project and the surrounding towns
of Moundou and Doba. In doing so, it will displace existing
hydrocarbon power supply resulting in a significant reduction in
CO(2) emissions and provide a supply of clean, reliable electricity
on a potential 24/7 basis to the surrounding towns of Moundou and
Doba (which currently only have intermittent power access). The
expected tariff for the electricity generated from this Project is
expected to be significantly less than that being paid for the
current hydrocarbon-based power generation in the region. At 300
MW, the Centrale Solaire de Komé would be the largest solar project
in sub-Saharan Africa (excluding South Africa) as well as
constituting the largest battery storage project in Africa. Project
sanction for the Centrale Solaire de Komé is expected in 2023 with
first power in 2025.
Centrales d'Energie Renouvelable de N'Djamena
The second project covered by the Agreement involves the
development of solar and wind projects of up to 100 MW each to
supply power to the country's capital city, N'Djamena (the
"Centrales d'Energie Renouvelable de N'Djamena"). A significant
portion of this project is anticipated to benefit from the
installation of a BESS, potentially enabling the provision of 24/7
power supply. At up to 200 MW, the Centrales d'Energie Renouvelable
de N'Djamena would more than double the existing installed
generation capacity supplying the city and increase total installed
grid-connected power generation capacity in Chad by an estimated
63%. Savannah expects the cost of power from the Centrales
d'Energie Renouvelable de N'Djamena to be lower than existing
competing power projects, which are currently primarily
hydrocarbon-based. Project sanction for the Centrales d'Energie
Renouvelable de N'Djamena is expected in 2023/24 with first power
in 2025/26.
Savannah expects to fund the Projects from a combination of its
own internally generated cashflows and project specific debt.
His Excellency Djerassem le Bemadjiel, the Minister of Petroleum
and Energy of the Republic of Chad, said:
"We are delighted to work with Savannah on these two potentially
transformational power projects for Chad. Our country is blessed
with a significant renewable energy resource and we are excited
that a leading British company such as Savannah is seeking to
harness this resource to provide utility scale power to our
country. I warmly welcome the projects and Savannah's entry into
the Chadian power sector . We are already engaged to provide all
the support needed for implementing these projects and having the
first power delivered to our population and our industries in line
with the State plan for enhancing the power offering in our
country."
His Excellency Mark Matthews, Ambassador of the United Kingdom
to the Republic of Chad, commented:
"I am delighted that a British company, Savannah Energy, is
making such a substantial investment in renewable energy in Chad.
Chad has plentiful resources of renewable energy which, through
investments like this, can be harnessed to develop the economy and
improve the lives of Chadians. This is a further example of UK
commitment to Chad."
Andrew Knott, Chief Executive Officer, Savannah Energy,
commented:
"I am delighted to announce the Centrale Solaire de Komé and the
Centrales d'Energie Renouvelable de N'Djamena projects. Both of
these represent a major vote of confidence in Chad by Savannah and
have the potential to contribute to a transformative change in the
country's GDP over the course of the coming years, as well as
bringing the significant quality of life benefits associated with
access to regularised power to the regions in which the Projects
are situated. The Projects represent one of the largest ever
foreign direct investments in Chad and are believed to the largest
ever by a British company.
I would like to thank General Mahamat Idriss Deby Itno,
President of the Transitional Military Council, President of the
Republic of Chad and Head of State; His Excellency Djerassem Le
Bemadjiel, Minister of Petroleum and Energy of the Republic of
Chad, and the wider Chadian government for the enthusiastic support
we have received in relation to making these projects happen. 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 projects to
our intended first power dates in 2025/26.
Centrale Solaire de Komé and Centrales d'Energie Renouvelable de
N'Djamena are the second and third large-scale greenfield renewable
energy projects that Savannah has announced this year, following on
from our announcement of the up to 250 MW Parc Eolien de la Tarka
project in Niger. We expect to announce our involvement in further
large-scale greenfield power projects over the course of the next
12 months"
For further information, please refer to the Company's website
www.savannah-energy.com or contact:
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Nick Beattie, Interim CFO
Sally Marshak, Head of IR
& Communications
+44 (0) 20 7409
Strand Hanson (Nominated Adviser) 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker)
Christopher Raggett +44 (0) 20 7220
Tim Redfern 0500
Panmure Gordon (UK) Ltd (Joint
Broker)
John Prior
Hugo Rich +44 (0) 20 7886
James Sinclair-Ford 2500
Camarco
Billy Clegg
Owen Roberts +44 (0) 20 3757
Violet Wilson 4983
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 quoted British independent energy
company focused around the delivery of Projects that Matter in
Africa with current activities in Cameroon, Chad, Niger and
Nigeria.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com .
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END
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