15 July 2016
Clifford Chance advising on a pioneering hydrokinetic power project in Angola
International law firm Clifford Chance is advising Privinvest, a leader in hydrokinetic power generation, on project to introduce hydrokinetic power generation over the next decade. As a result of the Presidential Order of June 3rd 2016, Privinvest and the Ministry of Energy and Water of the Republic of Angola (http://www.MINEA.gv.ao) have signed a memorandum of understanding to introduce hydrokinetic power generation over the next decade. The project is part of the Republic of Angola's 2025 Energy Security Plan, which aims to achieve 9,000 Megawatts of electricity production in Angola by 2025, with particular priorities for hydrokinetic power generation.
The Clifford Chance team advising on the deal is led by Partner James Pay, with support from Senior Associate André de Sousa Vieira.
Commenting on this new venture Joao Baptista Borges, Angola's Minister of Energy and Water, said: 'Angola is one of the world's greatest untapped potential sources of hydro power. Its abundant waterways will allow, with the introduction of accessible technologies, the development of low cost energy for the rural and remote areas of this vast country. This agreement with Privinvest for the construction of hydrokinetic turbines and the establishment of hydro-energy fields, conforms with the Angolan Government's strategy to provide access to energy to more than 14 million people by the year 2025. We place immense trust in this agreement as well as the capacity and experience of our partners to transform Angola into a global leader in the promotion of clean and affordable energy solutions.'